Centro Vasco da Gama. Credit: Sonae Sierra

Bankinter and Sonae Sierra’s SIGI acquires first real estate assets in Portugal

ORES Portugal’s first acquisitions represent an investment of € 37 million.

Olimpo Real Estate Portugal, SIGI, S.A. (ORES Portugal), launched by Bankinter and Sonae Sierra at the end of June as a Sociedade de Investimento e Gestão Imobiliária (SIGI – Real Estate Investment and Asset Management Company) completed its first acquisitions.

The SIGI has purchased five urban commercial sites in Portugal for € 37 million, in an unprecedented transaction in the country.The total area of the acquired portfolio is 21,227 m2 and comprises supermarkets and hypermarkets in good urban locations with very long-term tenancy agreements, leased to prestigious operators and leaders in the sector in Portugal.

The deal is consistent with the strategy defined for ORES Portugal, contributing decisively to the fulfillment of its objectives to invest in stable real estate assets, located in the country’s important urban areas and with long-term horizons.

Alberto Ramos, CEO of Bankinter Portugal, said: “Olimpo Real Estate Portugal, SIGI, S.A. (ORES Portugal) is an innovative financial instrument that expands the range of investment options available to our Clients and the general public. This operation, a pioneer in Portugal, also reaffirms our commitment to Portugal’s economic development and represents an important contribution to boosting one of its most relevant sectors .”

Alexandre Fernandes, Head of Asset Management at Sonae Sierra, added: “Taking place about a month after ORES Portugal entered the stock market, these first acquisitions represent a very important step in the execution of our investment strategy. We remain attentive to the market, where we have identified several real estate assets that meet the right conditions for this portfolio in the short and medium term. ”

ORES Portugal was launched in December 2019 and is the first SIGI to be created in Portugal, replicating the successful experience developed in Spain through Olimpo Real Estate SOCIMI, also sponsored and managed by Bankinter and Sonae Sierra.

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