Témpore Properties, the REIT created by SAREB, has carried out a €150 million share capital increase to acquire a total of 1,769 properties from SAREB, including 850 rental properties. The acquisition of this rental property portfolio – which forms part of a Right of First Offer (ROFO) agreement signed between SAREB and Témpore when the REIT was first created – allows Témpore to double in size.
The Spanish REIT has thus expanded its portfolio with 12 new residential rental property developments, as well as properties within developments where the REIT already owns other assets. The new developments are located in towns across Andalusia, Asturias, the Balearic Islands, Castilla y León, Catalonia, Valencia, La Rioja and Murcia.
According to Témpore’s CEO, Nicolás Díaz Saldaña, “this transaction marks a decisive step towards our goal of achieving a €500M portfolio by 2020.” The vehicle currently has €325M in assets under management comprised of 3,357 properties of which 2,268 are apartments.
Témpore’s Board of Directors convened an Extraordinary General Shareholder Meeting for the 3rd of December to seek approval for the €149.2 million share capital increase, which involved issuing 12.4 million new shares valued at €12.01 per share. The share capital increase was non-monetary, involving instead the contribution of the properties to be acquired from SAREB.