TPG to buy 75% of Témpore Properties from SAREB

In Q4 of 2018, Spain’s bad bank, SAREB, launched a competitive process to sell its 98.38% stake in Témpore Properties, a Spanish Real Estate Investment Trust (“SOCIMI”) listed on Madrid’s Alternative Stock Exchange (MAB).

Last Friday, SAREB and TPG Real Estate Partners, the real estate equity investment platform of alternative investment manager TPG, announced they have reached an agreement for TREP to purchase 75% of Témpore Properties.

Témpore manages a portfolio of more than 2,200 residential rental units located across Spain and SAREB will retain a 24.12% stake in the vehicle.

Under the terms of the agreement, TREP will pay an indicative price of €12.17 per share of the REIT less the value of the next dividend payment to be approved at Témpore’s Extraordinary General Meeting, which will take place on August 5, 2019. TREP will extend its offer under the same conditions to the REIT’s existing minority shareholders, who represent 0.88% of Témpore.

This indicative price per share assigns a value on the shares of the company of €329.5 million, which is 10% above its market capitalization at market close on July 4, 2019 and 17% higher than the original IPO value.

Under its new shareholder structure, Témpore will remain listed on the MAB and continue to be led by CEO Nicolás Díaz Saldaña. As part of the transaction, TREP will assume four of the seven seats on Témpore’s Board of Directors. The appointment of Michael Abel, Matthew Coleman, Daniel Valenzano and Jonathan Farrell as new directors representing TREP will be submitted for approval in Témpore’s upcoming Extraordinary General Meeting.

Témpore Properties was established in November 2017 to bring to the market part of its rented residential portfolio – in metropolitan areas of large cities- and was listed on the MAB in March 2018. To date it is one of the largest residential REITs in Spain.

Evergreen acted as legal adviser to SAREB, Alantra acted as financial adviser to TREP, with Kirkland & Ellis and Uría & Menéndez acting as legal advisers. JLL and Básico are acted as real estate advisers to TREP.

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