We offer all the tools necessary for landing the full scope of business you really deserve.
Feel free to call us: +34 617 369 878

Ores Socimi Buys 4 Retail Assets In Northern Spain For €63M

Posted by: In: Real Estate 04 Oct 2017 Comments: 0 Tags: , , , , , , , , , , ,
.

4 October 2017 – Eje Prime

Ores is fattening up its portfolio of assets with some new purchases. The company, which had invested just over €60 million in the acquisition of commercial assets in Spain prior to August, has taken its chequebook out again and broken its own record. The Socimi, owned by Bankinter and the Portuguese firm Sonae Sierra, has purchased four commercial assets in the north of Spain for €63 million, according to confirmation from the company itself to Eje Prime.

Ores has acquired four hypermarkets in different parts of the north of Spain. It has purchased one commercial asset in Logroño, on Calle Rio Lomo, which is operated by Carrefour and which has a surface area of 14,912 m2. In Calahorra, Ores has bought a property operated by Eroski, located on the Logroño road, which has a surface area of 10,252 m2.

The Socimi has also carried out purchases in Tolosa and Guernica. In Guipúzcoa, the company has acquired a commercial establishment in Barrio de San Blas, measuring 4,147 m2, whilst in Guernica, it has bought a commercial asset measuring 4,348 m2 in the Txaporta neighbourhood. Both of those properties are operated by Eroski.

“With this acquisition, financed entirely using own funds, the company is continuing to fulfil the investment objectives set out in its business plan and in accordance with the financial parameters that we committed to our shareholders”, say sources at the group.

In recent months, Ores has been expanding its asset portfolio in Spain and Portugal. At the beginning of August, Ores acquired a property, which is leased to and operated by the supermarket chain Pingo Doce, located in Lisbon, Portugal. That asset has a gross leasable area of 2,200 m2 and is located in the Alta neighbourhood (…).

Ores is aimed at clients of Bankinter’s private bank segment. Although its portfolio of assets is limited, for the time being, the Socimi came to the stock market with the aim of investing €400 million in high street retail premises, supermarkets, retail parks (spanning a maximum surface area of 20,000 m2), bank branches and single assets with long-term leases and solvent tenants.

Bankinter and Sonae Sierra launched their new venture into the real estate business in record time. The two groups constituted Ores on 15 December last year, completed the process to create the vehicle and raised sufficient capital to give it a head start and debut on the stock market.

Ores was created with contributions from clients of Bankinter’s private banking segment (in other words, wealthy investors) through a capital increase amounting to €196.6 million. In this way, the private banking clients and some institutional investors control almost 86% of the company’s share capital. Meanwhile, the entity led by María Dolores Dancausa has retained a 10% stake, with Sonae Sierra holding onto just under 4% of the shares.

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

The post Ores Socimi Buys 4 Retail Assets In Northern Spain For €63M appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

LinkedInFacebookTwitterGoogle+PinterestShare

Sorry, the comment form is closed at this time.