A new Portuguese real estate investment trust (SIGI) launched by Spanish bank Bankinter and real estate manager Sonae Sierra has made its first investment.

Olimpo Real Estate Portugal (ORES Portugal) has invested €37m to buy five urban commercial sites in Portugal.

The assets which total 21,227sqm, include supermarkets and hypermarkets with very long lease contracts.

Alberto Ramos, CEO of Bankinter Portugal, said: “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, said: “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.”

ORES Portugal was launched in December last year and is the first SIGI to be created in Portugal. Bankinter and Sonae Sierra hold a 12.01% and 5.13% stake respectively in ORES Portugal.

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