Sonae Sierra’s SIGI Ores Acquires Warehouse for €13.15 Million

The warehouse located in Vila Nova de Gaia is leased to the Luís Simões Group.

Sonae Sierra’s SIGI and Bankinter has concluded another real estate acquisition in Portugal. According to an article on Economia Online, Olimpo Real Estate Portugal (Ores) has acquired a warehouse in Vila Nova de Gaia for 13.15 million euros. The company announced the move in a statement sent to the Portuguese Securities Market Commission (CMVM).

Olimpo Real Estate Portugal is the first real estate investment and management company (SIGI) to have been set up in Portugal. The SIGI, similar to a Spanish socimi or REIT, has just bought the 21,075 square metre property, which is currently leased to the Portuguese transport and logistics company Luís Simões Group.

The logistics warehouse has a total gross leasable area of 21,075 square metres and a long-term lease with the Luís Simões Group. The €13.15 million investment was made with a mixture of equity and bank financing.

Olimpo Real Estate Portugal is the result of a partnership between Sonae Sierra (which manages the company’s real estate portfolio) and Bankinter (which operates as a strategic manager of the vehicle). Ores was the first SIGI to appear in Portugal, having debuted on the stock exchange in June last year at a value of 502 million euros.