Spanish REIT Témpore Properties, majority owned by Spain's bad bank, Sareb, has inked a deal to purchase 1,110 Spanish homes from Sareb worth €160 mln.
The REIT said it was using its own funds to complete the deal, which is part of a strategic play to increase its portfolio to €500 mln by 2021.
According to CEO Nicolás Días Saldaña the deal should close by year end.
Témpore was created by Sareb in 2017 to manage residential property, and has first right of refusal over Sareb's residential assets.
It currently oversees 1,408 rental homes valued at €177 mln. Témpore was listed on Spain's alternative stock market index (MAB) as of April 2018, and is targeting listing on Madrid's main market by 2021.