First Portuguese REIT debuts with acquisition of five assets for 37 million
Created by Sonae Sierra and Bankinter, Ores has bought five shopping surfaces with supermarkets for 37 million euros.
The first Real Estate Investment Trust (REIT) created in Portugal has already made its debut in the purchase of assets. Olimpo Real Estate (Ores), founded by Sonae Sierra and Bankinter, has acquired five shopping centres in the country, for a total investment of 37 million euros.
Launched in December last year, SIGI has already “bought five urban shopping centres in Portugal, for 37 million euros, in an unprecedented transaction in the country”, according to the communiqué sent to the Portuguese Securities Market Commission (CMVM). The portfolio, with a total area of 21,227 square metres, comprises supermarkets and hypermarkets in Asprela, Mozelos, Covilhã, Faro and Reboleira.
In the same document, Ores states that the commercial establishments have “long-term rental contracts”, detailing that four are with Continente and one with Pingo Doce.
ECO knows that four of these properties – Continente Covilhã (inserted in Serra Shopping), Continente Modelo Mozelos, Continente Modelo de Faro and Continente Bom Dia da Asprela – were purchased to Sonae MC, a subsidiary of Sonae, which informed this Wednesday the sale of “four food retail assets” located in the country for 34 million euros, remaining in these properties as a lessee.
Ores was launched in December last year and is the first REIT to be created in the country, 12% owned by Bankinter and 5.14% by Sonae Sierra. At the end of June, it debuted on the Lisbon stock exchange with a market capitalization of 50.2 million euros, promising to deliver 90% of its real estate investment results to shareholders.
