5 July 2019
Sareb reached an agreement to sell 75% of Témpore, a socimi that focuses on rental apartments, to the US fund TPG, for 246.75 million euros. The bank bad held onto a 24.12% stake in the socimi to take advantage of any potential future upside. At the same time, however, Sareb emphasised its commitment to a long-term policy of divestment.
Sareb created Témpore at the end of 2017 and the socimi debuted on Spain’s MAB in early 2018. The firm currently controls 2,249 apartments and garages, making it the third largest player in the sector after Blackstone and Azora. Of this portfolio, 834 flats are in Madrid and another 269 in Barcelona and the rest distributed by other fourteen provinces.
Original Story: Europa Press
Adaptation/Translation: Richard D. K. Turner