04/03/2018

Sareb's REIT lists on the Alternative Stock Exchange (MAB)

Sareb's REIT lists on the  Alternative Stock Exchange (MAB)

Témpore Properties has debuted today on the Alternative Stock Exchange (Mercado Alternativo Bursátil - MAB) as a Real Estate Investment Trust (REIT). Juan Ramón Dios (Executive Chairman) and Nicolás Díaz Saldaña (CEO) rang the opening bell for trading, along with Jaime Echegoyen, CEO of the Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb), the Company’s main shareholder. This milestone has seen the company list 14,681,486 shares with a reference price of €10.40 per share.

The Company’s ticker will be “YTEM” and it will be traded through the “price fixing” system.

For Nicolás Díaz Saldaña, “listing on the MAB represents Témpore’s first milestone, and its first step towards becoming a leading residential investment company, specialising in the rental market. Its framework agreement with Sareb, which will allow the company to continue acquiring residential assets for the next three years, is key to achieving this objective”.

Jaime Echegoyen was quoted as saying “at Sareb, we are firmly committed to continually looking for new ways to help us fulfil our mandate to divest the property portfolio that we acquired. Hence our drive to identify new ways in which we can innovate”. 

The newly listed company’s property portfolio comprises 1,383 homes, located in metropolitan areas of the major Spanish cities and their surrounding areas.  Témpore, which aims to gradually grow its portfolio, has entered into a framework agreement with Sareb that will allow it to continue acquiring residential properties over the next few years. The Socimi aims to reach a gross yield of 5% in the next three years, with an occupancy rate of 95%.