Spanish REIT, Olimpo, reaches €358M in AUMs

Led by Vitor Freitas Duarte, ORES Socimi completed its IPO in mid July with the objective of creating a portfolio of commercial property assets in Spain and Portugal combining the experience of Bankinter bank and Sonae Sierra. The fund will distribute its next dividend in November 2019

As at the 31st of January 2019, Ores has completed the acquisition of 34 assets and invested a total of €358 million in a diversified pool of properties in terms of type, size and location of assets, with a WAULT exceeding 30 years and WAULB of 12 years. The portfolio is almost fully let.

The portfolio has a rent of c. 21.1 million with a gross initial yield of 5.9% generated by properties in over 20 main towns and cities in Spain and Portugal including hypermarkets, supermarkets, retail warehouses, high street units let to tenants like Continente, Mercadona, Inditex, Media Markt, Mango, amongst others. Over 30.5% of the rents are from properties located in Lisbon and Madrid and an additional 20.4% is from assets in La Rioja and the Basque Region including the sale & leaseback Eroski hypermarket portfolio it acquired during 2018.

During the last 4 months of 2018, the REIT completed 4 investments with a total value of € 27.5 million. Specifically, these were the purchase of 2 supermarkets let to Mercadona and Día in Humanes and Getafe (Madrid), a retail warehouse leased to Conforama in Santander and a high street unit in the city of Vigo let to Mango.

Sonae Sierra is property manager of the Spanish REIT, bringing over 25 years of experience in the field and a current portfolio of 81 shopping centres with a total GLA of 2.3 million m², 45 of which are owned by them, with a value of 6 billion euros.

Currently, Ores is finalising the acquisition of another supermarket for €6.75 million and in due diligence to purchase a high street unit let to a leading fashion operator.

ORES has published a full unaudited report for Q4 of 2019 is available in Spanish here.