Olimpo Real Estate Portugal, a joint venture launched in late June between Bankinter and Sonae Sierra, has struck its first deal in the country with the purchase of an urban supermarket portfolio for €37 mln.
The 21,227 m2 portfolio comprises five assets in urban locations, let on 'very long' leases to leading Portuguese supermarket operators.
Olimpo Real Estate Portugal is structured as a Sociedade de Investimento e Gestão Imobiliária (SIGI) or REIT, and is the first such entity to be created in Portugal, replicating the model developed in Spain through Olimpo Real Estate SOCIMI, also sponsored and managed by Bankinter and Sonae Sierra.
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. '
