Olimpo Real Estate Portugal (Ores Portugal), a Portuguese REIT or SIGI launched by Bankinter and Sonae Sierra at the end of last year, will be admitted to the Lisbon stock exchange on 24 June.
Currently, 12% of the SIGI's capital is held by Bankinter and 5.14% by Sonae Sierra, with the remaining 82.86% distributed among small shareholders.
The admission to listing on Euronext Access Lisbon will make shares in the fund available to any investor, Sonae Sierra noted.
Ores Portugal is the first SIGI in Portugal's newly created REIT regime. Its creation seeks to replicate the success of the Olimpo Real Estate Socimi in Spain, also managed by Bankinter and Sonae Sierra.
Alexandre Fernandes, Sonae Sierra's head of asset management Europe said: 'The creation of the first SIGI in Portugal and its subsequent listing on the stock exchange are very important steps for Sonae Sierra, as part of our strategy of increasing exposure to new real estate investment vehicles.
'We are very pleased with this initiative and with our strategic partnership with Bankinter, which will no doubt revitalise Portugal’s capital market as well as the real estate investment market.'
Ores Portugal focuses on stable real estate assets characterised by long-term contracts leased to high quality operators, located in Portuguese and Spanish cities. Bankinter and Sonae Sierra manage the vehicle together. The new SIGI has already identfied an acquisitions pipeline in the wake of the company's incorporation and capital increase.
Alberto Ramos, country manager of Bankinter Portugal, said: 'The listing of Ores on the stock exchange demonstrates that Bankinter continues to provide innovative financial instruments and services in Portugal, expanding the range of investment options available to our clients and the general public. This pioneering operation in Portugal also reaffirms our commitment to Portugal’s economic development and represents an important contribution to boosting one of its most relevant sectors.'
