5 Investors are Interested in Buying Sareb’s Rental Home Socimi Témpore

5 November 2018 – Cope

The bad bank has given interested parties until the middle of this month to submit their offers.

Sareb has received expressions of interest from five investors for the purchase of Témpore, its rental home Socimi, the third largest in the market by number of homes, given that it will have 3,357 homes once the bad bank has transferred it 850 homes in December.

That is according to Témpore’s CEO, Nicolás Saldaña (pictured above, right), who said that the firm has opened its books to those investors, who have until the middle of November to submit their offers.

According to Saldaña, one of those five investors is a firm that already operates in the rental home sector, whilst the others are specialist investment funds.

The eventual sale of Témpore by Sareb will serve as an alternative to the plan that it designed for the Socimi when it launched it at the end of last year, which involves leaping from the MAB to the main stock market “as soon as possible” to whereby exit its capital and “liquidate” the homes on its balance sheet.

Nevertheless, although the Socimi is up for sale, Témpore is going to maintain the condition of an additional liquidation channel for the portfolio of homes from Sareb with which it was constituted.

That is going to be possible given that, although Sareb is not the main shareholder of Témpore, the agreement that the two entities have, whereby the bad bank transfers assets to the Socimi, is going to continue to be valid until it expires in November 2020.

For the time being, once Témpore adds the 850 homes that Sareb is going to transfer to it in December, in what will constitute the first operation under the framework of that agreement, the Socimi will have a stock of 3,357 homes worth around €325 million.

According to its data, these figures make it the third largest rental home firm in the country after Blackstone, which after purchasing Testa, now owns a stock of 24,000 homes, and Azora, with 7,000 homes.

Original story: Cope 

Translation: Carmel Drake

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