Tag: Olimpo Real Estate

Ores Doubles its Portfolio in a Year & Closes 2018 with Assets Worth €357.4M

11 February 2019 – Eje Prime

Olimpo Real Estate (Ores) is establishing itself in the market. The Socimi owned by Bankinter and Sonae Sierra closed last year with a portfolio comprising 34 assets worth €357.4 million. In this way, the company has doubled the valuation of its assets since the end of October 2017, a few months after it made its debut on the stock market. At that time, the firm held a total of 16 investments worth €172.6 million.

At the end of 2018, the value of the Socimi’s portfolio amounted to €357.4 million across 34 assets, comprising mainly hypermarkets (28.5%) and supermarkets (14.7%), retail parks (15.2%) and out-of-town stores (14.4%), as well as premises (8%) located on the main streets of large cities.

During the last four months of 2018, four investment operations were undertaken for a total value of €27.5 million. Specifically, the firm completed the purchase of two supermarkets, an out-of-town store in Santander and a commercial premise in Vigo.

“These operations are in line with Ores’ investment strategy, in urban locations in Spain’s main cities, and with first-class operators as tenants and long-term and stable lease contracts”, said the company in a statement sent to the Alternative Investment Market (MAB).

Ores is a company whose main activity is the acquisition and management of commercial real estate assets, both in Spain and Portugal. The company was created in December 2016 by Bankinter and Sonae Sierra, made its stock market debut at the end of February 2017 and has been increasing its investments and assets ever since.

Original story: Eje Prime

Translation: Carmel Drake

Socimi Ores Buys Portimão Shopping Centre In Portugal

7 April 2017 – Idealista

(…) After completing its first purchases last week, Ores, the Socimi backed by Bankinter and the Portuguese real estate company Sonae Sierra, has now made its debut in the Portuguese market with the acquisition of the company Portitail, which owns the Portimão shopping centre, located in Portimão (in the Algarve region), although the operation still needs to be approved by the competition authorities in Portugal.

Olimpo Real Estate, whose commercial name is Ores, has been trading on the ever-growing Socimi segment of the Alternative Investment Market (MAB) for just over a month. It debuted on the MAB on 22 February without any assets in its portfolio and with a market value of €200 million. Currently, its market capitalisation amounts to €202.6 million, after a slight increase in its share price in recent weeks.

The company came to the market with a very clear objective: to invest around €400 million in high street commercial premises, supermarkets and hypermarkets, retail park spaces (less than 20,000 m2), bank branches and unitary assets with long-lasting lease contracts and solvent tenants.

In fact, its intention is to look for commercial assets in good locations, in the main cities in Spain and Portugal. The domestic market will account for around 65% of the portfolio, whilst the remaining 35% will be invested in Portugal. The investment plan is due to be completed by the end of 2018.

According to the IPO document, Olimpo Real Estate has a period of five years (specifically, until 29 December 2021) to liquidate its entire portfolio of assets, otherwise, it must retain them for another five years. In this case, and once 10 years have elapsed since its launch, a shareholders’ meeting will be called to decide whether to continue the company’s activity or liquidate it.

Original story: Idealista (by Ana P. Alarcos)

Translation: Carmel Drake