Témpore Properties receives the green light to list on the Alternative Stock Exchange (MAB)
Témpore Properties’ Board of Directors has set a share price of €10.40 for the Company’s listing on the Alternative Stock Exchange (Mercado Alternativo Bursátil – MAB), which puts the company’s value at €152.7 million.
Today, the socimi received the green light from the Coordination and Listings Committee for the Alternative Stock Exchange (MAB) who, after studying the documentation presented, officially informed the Company’s Board of Directors that Témpore Properties is compliant with the listing requirements.
The Information Document for Listings on the MAB (Documento Informativo de Incorporación al Mercado – DIIM) provides a detailed description of the socimi, which will start trading on the MAB in the coming days. The company, specialising in rental housing, will be launched with a portfolio comprising 1,553 homes that are mainly located in and on the outskirts of Spain’s main cities. 69% of the properties are located across 10 complete developments that are owned by the company. It is also noteworthy that in terms of value, 58.9% of the assets are located in Madrid and 23.9% in Barcelona.
Témpore Properties’ current portfolio comprises properties that were previously managed by the Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb), with whom it has signed a preferential purchase agreement. Based on this agreement, in the coming three years Témpore expects to increase its portfolio to €500 million. At this point, the Socimi expects to have achieved a return of at least 5%, with an occupancy rate of 95%
The Témpore Properties Information Document is available on the MAB website (www.bolsasymercados.es/mab), where all of the information regarding the company and its business activity can also be found.
In this process, which will conclude with the listing on the MAB of Témpore Properties, Sareb, which holds 98.51% of the socimi’s capital, has been advised by Renta 4 and Clifford Chance.