This listed real estate investment society was created in December 201, at 50%, by Bankinter and Sonae Sierra (also Sonae and Grosvenor). In this way, Bankinter and Sonae Sierra have successfully completed in little more than a month the launching of a socimi and its appearance and listing on MAB.
ORES socimi comes to this market after closing a deal in record time for a capital injection of 196.6 million euros also carried out in December and which was largely underwritten by clients from a sector of the private bank, Bankinter. As regards the structure of the capital, after this injection, these investors, together with another big investor, have 86% of the capital of the socimi. Meanwhile, the Grupo Bankinter possess more than 10% of the vehicle, and Sonae Sierra, 3.75%.
The new socimi has been conceived as an investment vehicle aimed at a segment of clients of a private bank who want a consistent yield in the medium term, in this case about seven years. In fact, this vehicle will deliver, in accordance with socimi regulations, an expected half-year dividend of between 4% and 5%, from the rents obtained from the leasing of real estate assets.
The final objective of the Socimi is to complete an investment of about 400 million euros linked to its borrowing capacity.
With reference to the type of real estate in which ORES will invest, they will be commercial assets, not residential. They will be located in good spots mainly in the main Spanish and Portuguese cities, with about 65% in Spain and the remainder in Portugal.
Among the main focus for investment are high street retail, supermarkets and hypermarkets, medium-sized parks, also stand-alone units, that is to say, single assets with long term leaseholds and solvent tenants. Shopping centres will not be included in the portfolio. Sonae Sierra will undertake the management of the assets, as well as the administrative management of the society.
On the other hand, the Administration Council is made up of Fernando Moreno, director general of Banca Comercial at Bankinter and the president of the socimi; Íñigo Guerra, director general of the Investment Bank of Bankinter; Alexandre Fernandes, of Sonae Sierra; also Javier Nieto Jáuregui and Javier Sánchez, external members.