• Transaction / Assets
    3 commercial assets
  • Seller
  • Buyer
    Ores Socimi
  • € MM
    19.7

Ores Socimi Acquires 3 Commercial Assets for €19.7M

25 October 2018 – Idealista

Ores Socimi has circumvented some of the operations that it was studying and has leapt into action. The Socimi owned by Bankinter and the Portuguese real estate company Sonae Sierra has acquired three commercial assets, occupied by the supermarkets Mercadona and Día, and the home decor store Conforama, for €19.7 million. The purchases have been carried out in Madrid and Santander.

In Madrid, Ores has purchased an asset occupied by Mercadona, located in the town of Humanes, which has a retail surface area of 2,334 m2. That transaction was carried out for €4.1 million.

Ores has also purchased a supermarket in Getafe, which is leased to and operated by the company Día. That asset has a total surface area of 1,956 m2 and the amount of the operation was €3 million. In Santander, meanwhile, the company has invested €12.6 million in an asset operated by Conforama and with a surface area of 8,000 m2.

These acquisitions form part of a new period of purchases by Ores, which has set itself the objective of investing €30 million, as revealed by Idealista News.

In this way, Ores is continuing to grow its portfolio, which comprises 30 assets and has a combined market value of more than €328 million and a gross annual income of €19.4 million.

Ores is aimed at private banking clients. Although its portfolio of assets is small, for the time being, the Socimi made its debut on the stock market with the objective of investing €400 million in retail premises on high streets, as well as supermarkets, retail parks (up by 20,000 m2), bank branches and singular assets with long-lasting leases and solvent tenants.

Bankinter and Sonae Sierra launched their real estate vehicle in record time. On 15 December last year, the two groups constituted the company and, within just two months, they carried out the process to create the vehicle, raised sufficient capital to get it going and completed its stock market debut.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

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