Sonae and Bankinter launch new listed investment vehicle

Following on from the success they had in Spain with Ores, Sonae and Bankinter are preparing to launch a new investment vehicle in 2020.

The vehicle will be listed on the Lisbon stock market and will have an investment capacity of €100 million.
This new investment vehicle will not specialise in any type of asset class in particular and could be considered to buying commercial properties (like Ores in Spain), but also offices and logistics assets or other types of more alternative investments.
Bankinter and Sonae have admitted raising regular capital for the new vehicle and will be adding new assets to this portfolio according to sources close to the bank.
Bankinter and Sonae launched their first real estate vehicle in Spain in record time on 15 December last year.
The two groups set up a company and in just two months created an investment vehicle raising enough capital to begin operating on the market.
Ores is aimed at private bank clients. The REIT (Real Estate Investment Vehicle) issued shares on the Spanish stock market with the aim of raising €400 million on commercial high street premises like supermarkets, average size car parks (20,000 square metres), bank branches and unitary assets with long term rental contracts and reliable and solvent tenants.
It currently has a portfolio which is very stable in terms of generating cash-flow with 34 assets worth €357 million in the market and an annual gross revenue of €21 million.
Ores specifies that “this portfolio enjoys an ideal diversification in terms of the type, size and location of assets, with an average rental contract (lease) of around 30 years with an obligatory contractual lease of 11 years and occupation rates of practically 100% over all assets.
Among the tenants that Ores has supermarkets Mercadona, Eroski, Aldi and Mango with an “affluent” estimated return for investors.
Both groups hope that they can repeat the success in terms of subscriptions to shares that has been seen in Spain in Portugal.