5 October 2018
Sareb is moving firmly ahead with its socimi Témpore. The company, which has just presented the latest financial results for its vehicle specialising in residential rental assets, plans to move Témpore from the Alternative Stock Market (MAB) to the continuous market in 2021. The move will occur when the socimi’s portfolio of assets reaches 500 million euros.
The socimi’s goal has been to increase its initial portfolio of assets, which was worth 175.4 million euros, to around 500 million euros within a three year period. This increase in capital would provide sufficient volume to attract more investors and open the door to trading on the continuous market.
According to a statement the company submitted to the MAB, “Témpore is preparing to undertake a capital increase with a new contribution of assets from its main shareholder (Sareb), which we expect to complete before the end of the year… the homes are located mainly in Madrid, Valencia, Seville, Murcia, Logroño and Valladolid.”
Témpore, which debuted on the stock exchange at the beginning of April with almost 1,400 homes for rent, began to study the purchase of more flats owned by the bad bank this summer, aiming to increase its portfolio. The socimi has a three-year framework agreement that entitles it to a right of first offer on any of Sareb’s assets, which has been one of the main levers of its growth.
Témpore’s rental properties are mostly located on the outskirts of large cities or metropolitan areas such as Madrid, Barcelona, Valencia, Seville, Granada and Zaragoza. The houses have an average size of 93 square meters and have two or three bedrooms.
Sareb’s subsidiary closed the first six months of the year with losses of 201,000 euros, a period in which its revenues reached 3.3 million euros. These results are in line with the company’s strategic plan and with the forecasts presented in the Document of its Incorporation into the Market, as explained by Sareb in a press release.
Nicolás Díaz Saldaña is the CEO of Témpore Properties. Mr Saldaña is the only executive director with the socimi. Juan Ramón Dios Rial, director of development and real estate development at Sareb, chairs the board of the socimi.
Original Story: Idealista
Translation: Richard Turner