Sonae Sierra and Bankinter joint-venture in first divestment

ORES, the joint-venture property management investment company has made its first divestment, netting €4.1 million for the sale of a retail premises in Vigo, Spain.

Olimpo Real Estate (ORES), a Spanish/Portuguese REIT jointly managed by the shopping centre and property management giant Sonae Sierra and Bankinter in Spain agreed to offload the retail asset on 3 February – a shopping centre building occupied by Stradivarius and Inditex – for €4.1 million.
The asset was acquired by ORES in June 2018 with the company having forked out €3.5 million for the premises from Inditex which has, among other retail clothing brands, Zara.
The sale now means that the joint-venture has netted a profit of €600,000 or 17% on the price paid in 2018.
An official source at ORES Portugal said that ORES Portugal, listed on the Portuguese stock market, did not currently have any sale process underway. The identity of the buyer has not been revealed by ORES, but it has already received the first payment of €820,000. The operation should be completed by 1 July.
According to its website, the main business of Ores Portugal SIGI (REIT) is the acquisition and management of commercial real estate assets in Portugal and Spain.
The company has its shares incorporated for trading on Euronext Lisbon and is a Portuguese public limited company operating under the special SIGI (Sociedades de Investimento e Gestão Imobiliária) tax regime (Decree-Law n.º 19/2019, de 28 January, as amended).
The objective of ORES Portugal is to acquire offices and commercial real estate assets with long-term growth potential in the Portuguese and Spanish markets.
Sonae Sierra is the real estate administrator of the Socimi ( the term for REIT in Spain), with over 25 years’ experience in the field. The company is responsible for 92 shopping centres with around 3 million m2 GLA, 41 of which are owned by them, with a value of €7Bn. They also have an established platform and local teams, both in Portugal and Spain.
The main objective of ORES Portugal is to generate value for its clients through the long-term management of offices and commercial real estate assets, using the knowledge and experience of its administrators Bankinter and Sonae Sierra.