REIT pays €26.2M for thee hypermarkets

 In Funds, News, Shopping Centres

A real estate investment trust (REIT) belonging to Sonae Sierra has paid €26.2 million for three Continente hypermarkets.

Olimpo Real Estate Portugal (ORES), was the first real estate investment trust (SIGI in Portugal and SOCIMI in Spain) to be set up in Portugal. It made the announcement about the acquisition of the three assets on Tuesday.
This portfolio integrates hypermarkets located in Guarda, Cantanhede and Ponte de Lima, with a total leasable area of 14,653 square metres that are “subject to long-term contracts with Continente”.
“With this acquisition, Ores Portugal continues to meet its investment goals in its business plan”, states the company in a communiqué sent to the Portuguese stock market commission.
Ores made its debut on the Lisbon stock market in June 2020 with a value of €502 million. It was the result of a partnership between Bankinter (which manages the fund) and Sonae Sierra (which manages the company’s property portfolio).