Spanish bad bank Sareb has agreed the sale of its 21.22% stake in the Socimi Tempore to the fund Texas Pacific Group (TPG), owner of the remaining 79.78%. According to the daily newspaper Cinco Días, the deals should be closed before the end of the year. Sareb’s stake is worth 32.65 million euros.

One of the largest homeowners in Spain, along with Blackstone, CaixaBank, CBRE IM, AXA, APG and Aware, Tempore’s portfolio is made up of about 3,000 dwellings, with a gross value of 377 million euros. 

In the first semester of 2021, Témpore received 7.12 million euros from the operation of its houses, about 400,000 euros more than in the same period of 2020. Some operating expenses, the amortization of the properties and the debt catapulted the final result to losses of 1.26 million. The total debt amounts to 237.44 million, almost 7.5 million more than at the end of fiscal year of 2020.

Original Story: Iberian Property |Alexandre Lima
Photo: Sareb Linked In
Edition: Prime Yield