Ores, Bankinter’s retail REIT, ends 2024 with €359M in assets, driven by key tenants like Continente, Eroski, and Carrefour.
Ores, the retail Real Estate Investment Trust (REIT) under the auspices of Bankinter, has concluded the fiscal year of 2024 with an impressive asset valuation of €359 million. This figure is not merely a number; it represents a tapestry of strategic leases and partnerships that have woven together a robust income stream. Notably, a substantial 27.7% of its rental income is derived from the Portuguese retail giant Continente, while Eroski contributes 12.2%, Carrefour 9.4%, Mercadona 6.7%, and Media Markt 6.6%. The portfolio is further diversified with contributions from Conforama (4%) and Worten (2.9%), alongside a smattering of other tenants that collectively account for 19.7%.
As Ores wraps up its financial year, also known as Olimpo Real Estate Socimi, it has reported an annual gross income of €23.2 million, as detailed in a recent submission to BME Growth. This document elucidates the sources of income, painting a picture of a well-structured portfolio that boasts an average rental contract duration (Wault) of 25.5 years, complemented by a mandatory term (Waulb) of 6.9 years. Such metrics provide a commendable degree of visibility over future cash flows, a fact that the REIT emphasizes in its report.
The asset portfolio itself is a veritable mosaic, comprising 36 properties strategically located across the Iberian Peninsula and the Balearic archipelago. Of these, 20 are dedicated to food retail, underscoring the REIT’s commitment to essential services. The Gross Asset Value (GAV) of this portfolio, as of December 31, 2024, has been appraised at €359.2 million, reflecting a modest increase of 0.31% from the previous year’s valuation of €358.1 million, and more than doubling the figure from its inaugural year of operations in 2017, which stood at €175.8 million.
Geographically, 57.4% of these properties are situated in Spain, with the remaining 42.6% in Portugal. The types of properties within the portfolio are diverse: 24.1% are large-scale supermarkets, 20.5% are supermarkets, 17.7% are hypermarkets, while retail parks and commercial mediums each account for 13.3%. Additionally, 9.6% are street premises, and a mere 1.4% are galleries.
Currently, Ores boasts an occupancy rate of an impressive 99.8%, a testament to its effective management and strategic positioning. The slight dip in occupancy can be attributed to two vacant units: a 154-square-meter commercial space adjacent to an Aldi in Sanlúcar de Barrameda and an 85-square-meter kiosk in Milenium Retail Park, both of which are actively being marketed.
In terms of profitability, the REIT has set an ambitious target annual return of over 4% for its investors. In 2024, it distributed €15.7 million to shareholders, marking a 6.1% increase from the €14.8 million disbursed in 2023. Cumulatively, since its inception, Ores has returned a staggering €91.8 million to its investors.
The company’s Loan to Value (LTV) ratio stood at a prudent 46% at the close of 2024. Concurrently, its EPRA NAV reached €194.2 million, although the EPRA NAV per share experienced a slight decline of 1%, settling at €0.99 compared to the previous year.
In a further disclosure at the end of 2024, Ores revealed that its principal shareholder is Bankinter Investment, holding a 7.44% stake. Various entities under the Grupo Mapfre umbrella collectively account for 6.10%, while the Castellón-based Corporación Juan Segarra and Inmuebles Gil Comes control 5.29% and 5.08%, respectively. Sierra Spain Real Estate Services rounds out the list with a 3.75% stake, following its strategic alliance with Bankinter’s investment subsidiary.
Ores stands as a paragon of strategic investment in the retail real estate sector, deftly navigating the complexities of the market while delivering consistent returns to its stakeholders.
