Olimpo Real Estate Portugal, SIGI, S.A. (ORES Portugal), launched by Bankinter and Sonae Sierra, completed its first acquisitions. The SIGI has purchased five urban commercial sites in Portugal for €37m, in an unprecedented transaction in the country. The total area of the acquired portfolio is 21,227m² 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 fulfilment 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.”