Socimi ORES sells store in Vigo for €4.1M

Socimi ORES sells store in Vigo for €4.1M

ORES, Socimi of Sonae Sierra and Bankinter, sold an establishment in Vigo occupied by Stradivarius, of the Inditex chain, for 4.1 million euros, according to the newspaper Negócios. The 700 sqm establishment is located at number 28 of Rúa de Urzaiz.

ORES purchased the facilities in June 2018 from Inditex for 3.5 million euros. The sale for 4.1 million euros thus generates a 17.1% gain in less than three years. The transaction, agreed in February, is expected to close by July 1, although the buyer, whose identity has not been revealed, has already signed a deposit of 820 thousand euros, as stated in the ORES accounts.

This operation represents the first divestment of the investment vehicle established in 2017 and which holds a portfolio of 37 assets (also including the location of Vigo) in Spain and Portugal. The sale of the asset also stems from the sector's difficulties in the pandemic context, as well as from the transformation that is being observed and has been accelerating the importance of online commerce.

ORES ended the last financial year of 2020 with a net turnover of 21.79 million euros, 4% less than the previous year. In addition to the drop in turnover, this drop in income is also explained by the deterioration in the value of Socimi's assets due to the updating of real estate appraisals in this period. Thus, this accounting item totaled 841,126 euros in 2019, while last year it had a negative impact of 6.6 million euros.

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