Spanish REIT Témpore Properties has acquired two residential portfolios in Spain for €40.8 mln, the first from entities controlled by Cerberus Capital Management and Banco Santander, and the second from Sareb.
The combined deals comprise 350 residential units spread across Madrid and Valencia, two of the firm's target territories.
The first deal concerns a residential asset in the city of Castellón, Valencia. The property comprises 173 residential dwellings and associated parking and storage units. The first part of the transaction has already completed, with the deal expected to close in full at the end of the month.
In addition, Témpore has acquired a portfolio of 184 residential dwellings and associated parking and storage units from Sareb, pursuant to the terms of the 'right of first offer' agreement in place between the Socimi and Sareb. The Spanish 'bad bank' established Témpore in 2017, later selling a 75% stake in the firm to TPG Real Estate Partners in 2019.
The assets in the second transaction are mostly spread across Valencia and Madrid.
'Over the last few months, we have built a significant acquisition pipeline as part of our ongoing efforts to increase the scale of Témpore’s residential rental platform,' said Nicolás Díaz Saldaña, Témpore CEO. 'Our recent acquisitions are consistent with these ambitious expansion plans and extend the quality and reach of our portfolio.'
Témpore also announced that it has appointed Juan Velayos to its board of directors. Velayos currently serves as a managing partner at Alantra, and has held previous leadership roles at Neinor Homes, PwC, Renta Corporación and Uría Menéndez.