Sareb’s Socimi Will Debut On The MAB Before Year End
18 July 2017 – Expansión
The Listed Real Estate Investment Company (Socimi) being driven by Sareb, to enable it to put some of its stock of rental homes onto the market, will be called Témpore Properties. And, the vehicle is expected to make its debut on the stock market before the end of the year, once it has completed all of the procedures required by the Alternative Investment Market (MAB), according to a statement issued by the so-called bad bank.
Sareb has already completed the first steps by constituting the new company and engaging advisors to accompany it throughout the process, such as Renta 4, which will act as a global advisor, and Clifford Chance, which will render legal and tax advice to the project.
Those experts have been joined recently by the real estate consultancy CBRE, which is working on the valuation of the properties that will be incorporated into this new divestment vehicle, and which form part of the portfolio that Sareb has for rent in the autonomous regions of Madrid, Cataluña, Andalucía and the Comunidad Valenciana.
The valuation of each one of the assets must be performed in accordance with the standards established by the Royal Institution of Chartered Surveyors (RICS), in line with the requirements of institutional investors.
€7 million debt repayment
Sareb has also repaid senior debt amounting to €7.05 million after having proceeded last week to rectify the asset transfer contract signed in 2013 with Banco Mare Nostrum (BMN), an entity that is currently involved in a merger process with Bankia.
The rectification, corresponding to a contract signed with BMN on 25 February 2013, become effective on 11 July 2017, through the early partial repayment of some senior bonds.
Specifically, 69 senior bond titles 2016 and 2017 were repaid, together with €153,596.80 in cash, according to a statement filed by the so-called bad bank with Spain’s National Securities and Markets Commission (CNMV) (…).
Original story: Expansión
Translation: Carmel Drake