Sareb Re-Opens the Bidding for its Renting Housing Socimi Témpore

7 March 2019 – El Confidencial

Sareb is putting up for sale the rental home Socimi that it constituted just over a year ago. Témpore, the third largest rental home firm in the country, after Blackstone (24,000 homes) and Azora (7,000 homes), owns 2,249 homes worth around €340 million. Candidates have two months to submit their binding offers.

The bad bank constituted Témpore in 2017 to provide an exit for a portfolio of homes proceeding from the bank restructuring process, and a few months later, it debuted the firm on the MAB.

The Socimi’s portfolio generated rental income of €7.3 million last year, up by 1.3% YoY, thanks to the renewal of contracts with the consequent increase in rents.

Témpore is sparking a great deal of interest amongst investors, providing further evidence of the appeal of the Spanish real estate market, especially the rental segment, for overseas investors.

Original story: El Confidencial 

Translation/Summary: Carmel Drake