Bankinter’s Socimis Manage Assets in Spain Worth €850M

23 April 2019 – Idealista

Bankinter currently has two Socimis operating in the Spanish market, Ores Socimi and Atom Hoteles Socimi. Between them, they manage a real estate portfolio worth more than €850 million, according to the latest reports filed by the entities with the Alternative Investment Market (MAB).

The hotel Socimi, controlled by Bankinter and GMA, has the largest portfolio, comprising 21 assets located all over Spain and worth €489.2 million at the end of 2018.

Almost 60% (12) of the hotels are vacation properties and the rest (9) are urban establishments. For the time being, the hotels are mainly concentrated in the Balearic Islands, Canary Islands and Andalucía, but the company is preparing to expand overseas, where it seeks to acquire establishments in the USA, France, Italy, Germany and Greece.

Meanwhile, Ores, which is jointly controlled by Bankinter and the Portuguese giant Sonae Sierra, owns a portfolio of 35 retail assets worth €362.5 million as at 31 March 2019.

Ores’s portfolio is well diversified by asset type, size and location, with occupancy rates of almost 100%. The properties include hypermarkets, supermarkets, retail parks and high street stores leased to chains such as Continente, Mercadona, Inditex, Media Markt and Mango.

Original story: Idealista (by Custodio Pareja)

Translation/Summary: Carmel Drake

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

Bankinter’s Socimi Buys 4 Retail Premises from Inditex for €12.5M

15 June 2018 – Eje Prime

The Galician giant Inditex is continuing to divest some of its real estate assets and the main players in the sector are taking advantage to acquire retail premises on some of the country’s main high streets. Ores, the Socimi owned by Bankinter and the Portuguese firm Sonae, has purchased a package of four assets from the owner of Zara for €12.5 million. The establishments, which together span more than 1,930 m2 are currently leased to the female fashion chain Stradivarius.

Ores Socimi has acquired one store measuring 700 m2 at number 28 Rúa de Urzaiz, in Vigo; another measuring 450 m2 at number 23 on Calle de los Fueros, in Vitoria; a third measuring 430 m2 at number 2 Calle Emilio Arriesta, in Pamplona; and a fourth measuring 350 m2 on the corner of Plaza del Olivar and Calle San Miquel, in Mallorca.

“With this acquisition, financed by available cash held by Ores Socimi, the company is continuing to fulfil the investment objectives set out in its business plan and in accordance with the financial parameters committed to the shareholders”, explain sources at the group.

The purchase of these stores, located on the main high streets of the respective cities, follows another acquisition carried out at the beginning of this month in Madrid. That deal involved an establishment located at number 157 Calle Alcalá, with a surface area of 374 m2, as revealed by Eje Prime. Those premises are currently rented out to the restaurant group Tim Hortons (…).

Ores is aimed at private banking clients. Although its asset portfolio is, for the time being, limited, the Socimi made its debut on the stock market with the aim of investing €400 million in commercial premises on the high street, as well as in supermarkets, retail parks (measuring up to 20,000 m2), bank branches and single assets with long-term rental contracts and solvent tenants.

Bankinter and Sonae Sierra launched this new venture in the real estate sector in record time. The two groups constituted the company on 15 December last year and, in just two months, completed the vehicle creation process, raised sufficient capital to get it moving and made the leap onto the stock market.

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake

Bankinter’s Socimi Invests 61 Million in Its First Six Months as Listed Company and Already Owns Seven Assets

 

9 August 2017

Ores Real Estate Socimi, the real estate investment vehicle owned by Bankinter and the Portuguese real estate company Sonae Sierra, is about to complete its first six months as a listed company and has already closed deals in which it has acquired seven assets.

 

Though this company was launched on the Alternative Securities Market (MAB) on February 22 without owning a single asset, it has already invested 60 million euros in its first six months, 15% of the target until the end of 2018. This investment has gained the Spanish REIT ownership of a total area of 32,353 square meters, distributed throughout the Iberian Peninsula.

The most recent asset to be added to its portfolio is a 2,200-square meter supermarket located in Lisbon, which is operated by the Pingo Doce chain and cost €5.9 million.

In Portugal, the REIT also controls a roughly 5,000-square meter shopping centre in Braga, which was acquired for 5.7 million euros, and which counts the Media Markt chain as a tenant; and a nearly 12,000-square meter business park in Portimão (in the Algarve region), which cost 20 million euros and has nine tenants, including Worten, Burger King and Sportzone.

The other four properties that the company acquired are in the north of Spain. The first acquisition was two medium-sized parks: Artea (in Bilbao) and Galaria (Pamplona), at a cost of 18.7 million euros. Between them, they have a gross leasable area of 8,400 square meters and are leased to the sporting goods chain Forum Sport.

Ores also owns an asset in Oviedo, the Asturian capital in the north of Spain. It is a 2,715-square meter supermarket operated by Mercadona which cost 5.8 million euros.

The last asset in the socimi’s portfolio is in Sanlúcar de Barrameda (Cádiz). This is another supermarket, operated by the Aldi chain, with an area of 2,085 square meters, for which it paid 4.75 million euros.

What makes the real estate operations that Ores has carried out to date distinctive is that they have been carried out with its own resources (the REIT raised 195 million euros via a capital increase before going public). Once the company has invested all its capital, it plans to finance operations via bank loans (having set a maximum indebtedness of 50%). The socimi’s objective is to invest 400 million euros by the end of 2018.

What Assets It is Looking for and How It Works

The vehicle is expected to focus on very specific assets: to begin with, the assets must be in the Iberian Peninsula and, in addition, must be high-street commercial premises, supermarkets and hypermarkets, medium-sized parks (less than 20,000 m2), bank branches or unitary assets with long-term rents and solvent tenants.

Ores was created in mid-December 2016 and took less than two months to go public (real estate investment companies should be listed in the stock market within a maximum of two years from their inception). Thus, the team in charge managed to create the vehicle, raise capital and obtain MAB’s approval to go public in just a few weeks. Asset and administrative management is carried out by Sonae Sierra, while executive and strategic management will be in the hands of Bankinter.

The Spanish bank owns 10% Ores’ capital, while 4% is in the hands of Sonae Sierra and the remaining 86% is in the hands of private banking clients and institutional investors.

The company debuted at a price of one euro per share and a market value of 196.6 million euros. And currently, almost six months later, its securities are exchanged at 1.04 euros, which puts Ores’ capitalization at 204.5 million euros and translates into a modest appreciation of 4%.

Original Story: Idealista – Ana P. Alarcos

Translation: Richard Turner

Bankinter & Sonae Sierra Launch €400M Retail Socimi

20 February 2017 – El Economista

Bankinter and Sonae Sierra have launched a Socimi, Ores Socimi, which plans to channel investment amounting to €400 million into small- and medium-sized commercial real estate assets in Spain and Portugal, according to a statement issued by the bank and the real estate company.

Ores Socimi has been conceived as an investment vehicle for the private banking clients of the entity chaired by María Dolores Dancausa (pictured above).

In fact, a portfolio of these clients already owns a 86% stake in the firm’s capital, in which Bankinter and Sonae Sierra hold stakes of 10% and 3.75%, respectively, following a €196 million capital increase when the firm was constituted.

The official launch of Ores Socimi will take place this week, on Wednesday 22 February, when its shares will begin trading on the MAB. It will be the 31st Socimi to debut on the Alternative Investment Market.

Ores Socimi is being created with the aim of acquiring a portfolio of commercial buildings in good locations in the main cities of Spain and Portugal.

Commercial assets

Specifically, the firm owned by Bankinter and Sonae will place its focus on retail premises on main high streets, as well as on supermarkets and hypermarkets and out of town retail parks, rather than on large shopping centres.

Ores Socimi will be chaired by Fernando Moreno, Director General of the Retail Bank at Bankinter. His investment and management strategy will follow a “product and rigorous policy”, and Sonae Sierra will be responsible for the real estate management of the assets and the administration of the company.

Bankinter has formed this partnership with a company that specialises in retail assets in order to launch an investment vehicle for its clients. Sonae has a presence in around a dozen countries and currently owns a portfolio of 45 shopping centres, which have a market value of more than €6,000 million.

Original story: El Economista 

Translation: Carmel Drake