TPG Real Estate Partners (TREP), the real estate equity investment platform of US alternative asset firm TPG, has reached an agreement with Spanish 'bad' bank Sareb to acquire 75% of Spanish REIT Témpore Properties.
Financial details were not disclosed, but TREP said that the deal valued the company's total share capital at €329.5 mln, 10% and 17% above the current market capitalisation and original IPO value respectively.
TREP will pay an indicative price of €12.17 per share, less the value of the next dividend payment to be approved at Témpore’s extraordinary general meeting on August 5. TREP said it would extend its purchase offer under the same conditions to existing minority shareholders, who represent 0.88% of Témpore.
Share deal
Under the deal, Sareb will retain a 24.12% stake in the Socimi, which was established in 2017 and today manages more than 2,200 residential rental units across Spain, in cities such as Madrid, Barcelona, and Valencia.
Nicolás Díaz Saldaña, CEO of Témpore, will continue to lead the company, while TPG Real Estate Partners will be represented on Témpore’s board. The company will remain listed on Spain's alternative alternative stock exchange, MAB.
'With Témpore, we saw a unique opportunity to partner with Sareb to effectively manage, enhance, and grow one of the leading residential Socimis in Spain,' said Michael Abel, partner at TPG Real Estate.
'We are excited by the quality and reach of Témpore’s portfolio, and look forward to working with Sareb and the Témpore team to support the future growth of the platform,' Abel added.
Sareb is a private entity created in Spain in November 2012 to help clean up the Spanish financial sector. The bank's mandate is to liquidate all of the properties and loans acquired before November 2027.
