October 21, 2020

La Sareb turns its socimi Témpore into the third firm of apartments for rent in Spain

La Sareb turns its socimi Témpore into the third firm of apartments for rent in Spain



The Asset Management Company from the Bank Restructuring (Sareb) has made its socimi Témpore the third company with the largest rental park in the country, given that it will add a total of 3,357 homes every time this Monday approved in extraordinary meeting the operation for which the bad bank will transfer 850 floors, reports Europa Press.

The socimi approved this transaction, with which it doubles its size, coinciding with the opening by the 'bad bank' of an official process to sell it after receiving interest samples from various funds.

For the time being, under the operation, Témpore becomes the third owner of apartments for rent in the country, behind Blackstone, which after buying Testa adds a park of about 24,000 floors, and Azora, with 7,000 homes, and coinciding with the boom in the rental market.

The new transaction of floors of Sareb will materialize through a non-monetary capital increase of 150 million Tempore that subscribes the 'bad bank' in exchange for the aforementioned 850 floors, as reported by the MAB socimi.

With the transfer of flats, Témpore not only doubles its size and climbs to the podium of the rental in Spain, but also will extend its activity currently concentrated in Madrid and Barcelona to eight other provinces.

Specifically, the firm will add a portfolio of 3,357 homes, estimated at about 325 million, a dimension achieved just after this past week the entity chaired by Jaime Echegoyen hung the poster of 'sold' on the socimi.

Sareb formed Témpore a year ago as a new channel to give out the portfolio of homes that it inherited from the bank restructuring.

Sareb is open to leave Témpore through its sale instead of through the initial plan of taking it to the stock market, since the socimi will also maintain the condition of additional liquidation channel of the "bad bank" portfolio with which it is constituted.

This is possible given that, even if the company is sold and Sareb reduces its participation or leaves its capital, it will continue in effect until its expiration the agreement that it has to go through housing.

This agreement is valid until November 2020, when it is estimated that Sareb will have transferred a total of some 4,200 floors to the socimi.

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