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First Portuguese REIT created by Sonae Sierra and Bankinter
03 January 2020 | Susana Correia

It’s official: Sonae Sierra and Bankinter have just announced the launch of the first Portuguese REIT - SIGI (Sociedade de Investimento e Gestão Imobiliária – Real Estate Investment and Management Society) by registering ORES Portugal.

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Replicating a success story in Spain, Olimpo Real Estate Socimi (ORES) had been launched in February 2017, Bankinter and Sonae Sierra have now expanded their partnership into the Portuguese market with the launch of Olimpo Real Estate Portugal, SIGI, S.A. (ORES). With this second REIT, the joint venture might reach a portfolio above 500 million under the «ORES» umbrella, positioning itself on the same level as the main Iberian players.

Just as in Spain, Sonae Sierra will be in charge of managing the society and its real estate portfolio, whereas Bankinter will take over the vehicle’s strategic management.

«The creation of the SIGI ORES Portugal represents an exclusive and unique opportunity for our private clients to diversify their investments, while benefitting from a financial instrument which is innovative in Portugal, managed by reference partners and with a very interesting return potential under the current low tax rates scenario», stated Pedro Lobo, Private Banking Director at Bankinter in Portugal.

Pedro Caupers, Executive Director in charge of investment at Sonae Sierra, said that «our international experience as real estate investment managers will allow us to create a vehicle that is pioneer in Portugal, which may offer very interesting returns, consolidating our leading position in terms of developing innovative solutions, to meet our investors’ and partners’ ambitions».

ORES Portugal aims to invest in «stable assets with exploitation contracts for commercial establishments, for a diversified retail portfolio which is expected to include supermarkets, hypermarkets, commercial stores, retail parks and offices located mainly in the largest Portuguese urban centres, with the possibility of investing in Spain as well».

Bankinter’s Investment Bank structured this operation in a similar way to what it has been doing in Spain, where there are seven alternative financing funds with assets totaling 3.000 million invested in several segments: hotels, renewable energies, student residences, venture capital and commercial real estate.