The SIGI is currently owned by Bankinter (12%) and Sonae Sierra (5.14%), with the remaining 82.86% destined for small shareholders, with a total 50 million euro market capitalisation. Each of the 12.550.000 shares will be worth 4 euro.
Any investor will, henceforth, be able to acquire shares from ORES Portugal through Euronext Access, and diversify his portfolio, by investing in income generating real estate assets, with long-term contracts signed with well-known operators, located within the largest urban centres in Portugal and Spain.
Investment will be mainly focused on, among others, luxury high street retail, supermarkets and hypermarkets, retail parks, standalone units with long-term contracts with solvent tenants, bank subsidiaries and offices. Less than 20% of the portfolio will concern non-commercial real estate. In a release, the SIGI revealed that it has already identified several real estate assets which may become part of its real estate portfolio within our country in the short-term.
This news has been a long time coming for the Portuguese real estate market. The creation of the SIGI regime was announced several years ago, but it was only now that the first Portuguese REIT was created, replicating the successful model of the Spanish SOCIMI Olimpo Real Estate, which both companies launched in 2017. With the listing of this second REIT, ORES may come to own a 500 million euro real estate portfolio under management.
Isabel Ucha, Euronext Lisboa’ CEO, congratulated «ORES Portugal and Sonae Sierra, together with Bankinter, for the listing of the first real estate investment company under the new SIGI regime at Euronext Access! This shows the ongoing commitment and confidence of the partners in the Portuguese economy. We hope this listing will allow the company the implementation of its investment strategy in Portugal, innovating and expanding its business».
For Alberto Ramos, Bankinter Portugal’s CEO, «ORES listing shows that Bankinter continues to offer innovative financial services and instruments, expanding the range of investment options available to our clients and the general public in Portugal». He further considered that «this operation, pioneer in Portugal, also reaffirms our commitment towards Portugal’s economic development and represents an important contribution for boosting one of its most relevant sectors».
Alexandre Fernandes, Head of Asset Management at Sonae Sierra, added that «the creation of the first SIGI in Portugal and its subsequent listing at the Stock Exchange are very important steps for Sonae Sierra, fitting into our strategy to increase our exposure to new real estate investment vehicles. We are very happy with this initiative and with the strategic partnership with Bankinter, which will surely boost the Portuguese capital and real estate investment markets».