Bankinter Investment, Bankinter's investment banking subsidiary, and Sonae Sierra, a leading international real estate company, announce a new milestone in their alternative investment strategies with a major real estate transaction. The two companies have completed the pending acquisition of Atrium Saldanha, subject to approval by the Portuguese Competition Authority. Atrium Saldanha is one of the most important office hubs in Portugal and is located in the heart of Lisbon's cosmopolitan district, Duque de Saldanha Square.
The seller, Armando Martins, commissioned the renowned architect Ricardo Bofill to design the building 24 years ago. During all this time, Armando Martins has successfully managed the asset. This transaction will give Portuguese families in particular access to a long-term investment, a business with a relevant volume and a secure and resilient asset.
This transaction involves the creation of a Portuguese Real Estate Investment and Management Company (SIGI) that will acquire 100% of Imobiliária do Saldanha, S.A. (IMOSAL), the owner of the famed property. Atrium BIRE SIGI, the new Portuguese Real Estate Investment and Management Company, will have Bankinter and Sonae Sierra (both SIGI and asset managers) as shareholders, as well as a group of Bankinter's Private Banking investors from Spain and Portugal. As the former owner of the property, the Fibeira Group will hold a 20% stake in the new company. Its extensive knowledge of the property will be a valuable asset in its future development.
The asset has a gross leasable area of 31,000m2 and a close to 100% occupancy rate. This building combines office space, retail space, and parking. There are more than 100 tenants in the building, and most of the rental income comes from offices.
Once the operation is closed, Atrium BIRE SIGI will represent Bankinter Investment's 18th investment vehicle in the past six years, adding to the successful track record of its predecessors. Atrium BIRE SIGI is the fifth investment vehicle created as a result of a partnership between Bankinter and Sonae Sierra, following in the footsteps of successful models such as ORES Portugal and ORES Socimi.
With this transaction, Bankinter continues to pursue its alternative investment strategy, investing in economic sectors and real economy assets whose growth potential is perfectly determined. This provides a value proposition for its high-net-worth and institutional clients. Whenever possible, we seek the best professional manager for each type of investment, one who co-invests with Bankinter in the vehicle it will manage. This implies a clear alignment of interests between the manager and Bankinter.
This operation is perfectly aligned with Sierra's strategy of expanding its Investment Management business in association with leading international investors. With this vehicle, Sonae Sierra's Investment Management area will manage 8 billion euros of real estate assets in Europe, including 2 billion euros of assets outside shopping centres. This makes Sonae Sierra one of the reference real estate investment managers in Iberia. Among the leading players at European level, Sierra has a strong institutional background combined with more than 30 years of asset management experience.
The transaction is in the process of closing and is subject to approval by the Portuguese Competition Authority (Autoridade da Concorrência).
About Bankinter Investment.
Bankinter Investment is the bank's subsidiary for investment banking, an activity that it has been carrying out for seven years. It has promoted an important alternative investment platform through this subsidiary. The entity has a proven track record of launching alternative investment vehicles, with 18 successful launches to date. These vehicles have attracted capital commitments from investors totalling more than 3,700 million euros, and when including project financing, the overall portfolio of assets under management currently exceeds 6,500 million euros. Once all vehicles are 100% invested, this figure is expected to rise to 9,150 million euros. Some of the most promising investment sectors include renewable energy, real estate, student housing, hotels, logistics real estate, infrastructure, commercial property, and venture capital.
About Sonae Sierra
Sierra operates in the real estate sector with an integrated approach that covers the entire value chain and all real estate sectors. We identify solid platforms from which to create profitable investments around the world. This includes commercial spaces, public spaces, and homes, as well as the management and execution of turnkey projects
Sonae Sierra is a global real estate management company with operations in 11 countries. The company has a portfolio of over 8 billion euros in real estate assets spanning different sectors and uses.
O grupo de empresas ligado à Fibeira tem desenvolvido projectos nas áreas de imobiliário e hotelaria, nomeadamente a participação em 40% da sociedade Realtejo (Hotel Hyatt Regency a inaugurar em Setembro deste ano), no Museu-Hotel no Palácio Condes da Ribeira Grande em Lisboa (obra em curso) e tem um enorme projecto para desenvolver na Quinta / Palácio do Correio-Mor, com cerca de 220.000 m2 de construção acima do solo, destinado a habitação, escritorios, saúde, Hotelaria e Centro de Congressos e Arte Contemporânea.
The group of companies linked to Fibeira has developed successful projects in the areas of real estate and hotels. Notably, the company has a 40% stake in Realtejo (the hotel is set to open in September this year), and is also involved in the Museum-Hotel at Palacio Condes da Ribeira Grande in Lisbon (currently under construction). Finally, the company has a huge project underway in Quinta/Palacio do Correio-Mor, which includes 220,000 m2 of construction above ground, intended for housing, offices, health, Hospitality and Congress Centre and Contemporary Art.