Bankinter Investment SGEIC, Bankinter’s alternative investment management company, and real estate player Sonae Sierra have launched Ores Germany, a new alternative investment vehicle investing in retail real estate in the German market.
Ores Germany currently comprises eight large-scale retail properties, four of which are supermarkets and four DIY-home stores.
All the assets have long-term leases with first-class operators in the food and DIY sectors in Germany, such as Edeka, Rewe, Aldi and Obi. The total investment volume of the vehicle amounts to €200 mln.
Bankinter Investment will manage the vehicle while Sonae Sierra, already present in the German market, will be responsible for the management of the portfolio.
The launch of the REIT underscores the strategic importance of Germany as a core market for Sierra’s long-term investment and asset management activities, the firm said. For Bankinter Investment, it represents the launch of its alternative investment business in the country.
Sonae Sierra and Bankinter Investment already successfully implemented the Ores model in Spain
(2017) and Portugal (2019).
