Témpore Properties to increase its share capital by €150 million to acquire 850 rental properties from Sareb
Témpore Properties, the REIT created by Sareb, will carry out a €150 million share capital increase to acquire a total of 1,769 properties from Sareb, including 850 rental properties.
The acquisition of this rental property portfolio – which forms part of a Right of First Offer (ROFO) agreement signed by Sareb and Témpore when the REIT was first created – will allow Témpore Properties to double in size.
Témpore will expand its portfolio with 12 new residential rental property developments, as well as properties within developments where the REIT already owns other rental properties. The new developments are located in towns across Andalusia, Asturias, the Balearic Islands, Castilla y León, Catalonia, the Region of Valencia, La Rioja and Murcia.
The acquisition of these properties will increase the value of Témpore’s portfolio to €325 million and take the total number of units to 3,357 – 2,268 of which are residential apartments.
Témpore’s CEO, Nicolás Díaz Saldaña, said “this transaction marks a decisive step towards our goal of achieving a €500 million portfolio by 2020.”
Témpore’s Board of Directors has convened an Extraordinary General Shareholder Meeting for 3 December to seek approval for the €149.2 million share capital increase, which would involve issuing 12.4 million new shares valued at €12.01 per share. The share capital increase will be non-monetary, involving instead the contribution of the properties to be acquired from Sareb. Once the capital increase has been carried out, Sareb’s stake in Tempore will rise from the current 98.4% to 99.1%.