Sareb to Sell 1,769 Rental Homes to its Socimi Témpore for €149M

2 November 2018 – Europa Press

Sareb is going to contribute its first homes to its Socimi Témpore through the transfer of a batch of 1,769 rental properties worth around €149.21 million. The firm was constituted precisely to provide an exit for the portfolio of homes that Sareb inherited from the banks.

This operation will allow Témpore to double its size, given that it currently owns a portfolio of 1,583 flats, and extend its activity to a total of ten provinces, from its current concentration in Madrid and Barcelona.

Sareb and its Socimi are going to materialise the transaction through a non-monetary capital increase, and so the firm is going to issue a package of €12.4 million own shares.

The shares will be issued at a rate of €12.01 per share (the sum of the nominal value and issue premium), a price that is 15.4% higher than Témpore’s share price, which is currently trading at around €10.40 per share.

Témpore is going to approve this operation in an extraordinary shareholders’ meeting, which it has convened for 3 December, according to the agenda for that meeting sent to the MAB.

This is the first transfer of homes that Sareb is going to make to Témpore in the framework of the agreement that the two firms have signed to transfer assets, and it will be completed in the final quarter of the year, as indicated in the 3-year business plan, with which the Socimi debuted on the MAB.

The 1,769 homes that are going to be contributed are located in Madrid, La Rioja, Valencia, Sevilla, Asturias, Murcia, the Balearic Islands, Valladolid and Tarragona, and so the firm will whereby extend its activity, which has been concentrated in Madrid and Barcelona until now.

The final objective of the body chaired by Jaime Echegoyen (pictured above, left) with the launch of this Socimi is to place 4,200 rental homes on the market, worth around €500 million.

By virtue of this business plan, Sareb is going to transfer homes to Témpore until it reaches that volume through the subscription of capital increases (…).

Original story: Europa Press 

Translation: Carmel Drake