Témpore Properties Starts Out with a Portfolio of 1,383 Homes

28 November 2017 – Sareb

Témpore Properties, the Socimi constituted by Sareb, the ‘Company responsible for the Management of Assets Proceeding from the Restructuring of the Banking System’, has started its journey with a package of 1,554 assets, of which 1,383 are homes and the rest are associated assets (storerooms and garages). The total value of the transferred assets amounts to €175 million.

The portfolio transferred by Sareb is concentrated in the metropolitan areas of Spain’s large capitals (80%); the remainder is located in geographical areas that have high demand in the rental market, such as the provinces of Valencia, Sevilla, Zaragoza, Málaga and Almería. The homes have an average size of 93 m2 and have two or three bedrooms.

The management of this portfolio has been assigned to Azora, which is going to be directly responsible for the work required to administer and market the assets. In parallel, Sareb is continuing to work with its advisors Renta 4 and Clifford Chance on Témpore’s stock market debut on the Alternative Investment Market (MAB), which will take place at some point in the next few weeks, once all of the necessary procedures have been completed.

Diaz Saldaña, Head of the Socimi

The culmination of the asset transfer process coincides with the configuration of the management team of Témpore Properties, headed by the Director of Rentals at Sareb, Nicolás Díaz Saldaña.

Diaz Saldaña has extensive experience as a senior manager in the real estate and financial sectors, with a special focus on the international market. Between 1991 and 1997, he developed analysis services for the Institute of Economic Studies. Subsequently, Saldaña held different positions at BBVA between 1997 and 2008, where he rose to lead the bank’s subsidiaries in Benelux and Germany. Before joining Sareb, Saldaña led the international division at Metrovacesa during the toughest period of the real estate crisis.

Original story: Sareb

Translation: Carmel Drake