TPG Real Estate Partners-backed Témpore Properties has expanded its Spanish residential rental platform with the acquisition of two assets worth €40.8m.

The Spanish real estate investment trust (Socimi) said it has agreed to buy a 173 residential property in the city of Castellón (Valencia) from entities controlled by Cerberus Capital Management and Banco Santander.

The company has also acquired a portfolio of 184 residential dwellings and associated parking and storage units from Spain’s ‘bad bank’ Sareb.

The acquisitions will expand the Socimi’s residential rental platform, adding more than 350 residential dwellings in Valencia and Madrid.

Nicolás Díaz Saldaña, CEO of Témpore Properties, said: “Over the last few months, we have built a significant acquisition pipeline as part of our ongoing efforts to increase the scale of Témpore’s residential rental platform.

“Our recent acquisitions are consistent with these ambitious expansion plans and extend the quality and reach of our portfolio.”

Also today, Témpore said it has appointed Juan Velayos to its board of directors. Velayos currently serves as a managing partner at Alantra, and has held previous leadership roles at Neinor Homes, PwC, Renta Corporación and Uría Menéndez.

Michael Abel, chairman of Témpore Properties and partner at TPG Real Estate Partners, said: “The acquisitions of two high-quality residential portfolios mark an important step as we continue to advance Témpore’s position as a leading residential Socimi in Spain.”

TPG Real Estate Partners acquired a majority 75% stake of the Socimi in 2019 and Sareb retains a significant minority stake.