There is already a real estate investment and management company (SIGI) in Portugal and Sonae Sierra and Bankinter created it. The two companies explain that the extension of the partnership makes it possible to cover a portfolio of properties under management above 500 million euros.
“Our international experience as property investment managers will allow us to create a pioneering vehicle in Portugal, which could present a very interesting profitability,” said Pedro Caupers, Executive Director responsible for Sonae Sierra’s investment area.
After the creation of the Spanish Olimpo Real Estate SOCIMI, in February 2017, Bankinter and Sonae Sierra will replicate the model in Portugal. The commercial registration of Olimpo Real Estate Portugal, SIGI, S.A., which is intended to be known as ORES Portugal, has already been made by both companies.
Sonae Sierra will be responsible for the management of the real estate portfolio and the administrative management of the company, while Bankinter will be the strategic manager of the vehicle.
“The creation of SIGI ORES Portugal creation represents a unique and exclusive opportunity for our private clients to diversify their investments, benefiting from an innovative financial instrument in Portugal, to be admitted to trading in the market, managed by reference partners and with very interesting profitability potential in low-interest rates,” added Pedro Lobo, director of private banking at Bankinter in Portugal.
The bank explained that the investment banking segment structured the operation similarly to Spain, where there are seven alternative financing funds with assets totalling around 3,000 million euros, invested in the hotel, renewable energy, student residences, venture capital and commercial real estate sectors.