The residential Socimi Témpore Properties is in the news today for two reasons. Firstly, the incorporation onto its Board of Directors of the former CEO of Neinor Homes. And secondly, the purchase of two residential portfolios for more than €40 million.
The Socimi is owned by the fund TPG and Sareb. In July last year, Sareb reached an agreement with TPG Real Estate Partners (TREP), the real estate investment platform of the fund TPG, for the sale of 75% of the shares of Témpore Properties for €247 million. Sareb was left with a 24.12% stake.
Now, it has purchased two residential portfolios through two different operations amounting to €40.8 million. One of the portfolios, containing 173 homes, was owned by Cerberus and Banco Sabadell; those properties are located in Castellón. The other portfolio comprises 184 flats proceeding from Sareb, which are located in Madrid and Valencia.
Translation/Summary: Carmel Drake