Tempore Properties has acquired, through separate transactions, two high-quality residential portfolios. The company has signed a definitive agreement to acquire a residential property in the city of Castellon (Valencia) from entities controlled by Cerberus Capital Management and Banco Santander. The property comprises 173 residential dwellings and associated parking and storage units. The transaction is occurring in two stages, the first of which is already complete, and is expected to close in full at the end of the month.
In addition, Tempore 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 assets are primarily located in the communities of Madrid and Valencia.
The acquisitions will expand Tempore’s residential rental platform, adding more than 350 residential dwellings in Valencia and Madrid, two of the Socimi’s target metropolitan areas. The combined purchase price of the two acquisitions is approximately €40.8m. Additional terms of the transactions were not disclosed.
“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 Nicolas Diaz Saldana, CEO of Tempore Properties. “Our recent acquisitions are consistent with these ambitious expansion plans and extend the quality and reach of our portfolio.”
“The acquisitions of two high-quality residential portfolios mark an important step as we continue to advance Tempore’s position as a leading residential Socimi in Spain,” said Michael Abel, Chairman of Témpore Properties and Partner at TPG Real Estate Partners. “We are excited to welcome Juan Velayos to Tempore’s Board of Directors, and look forward to continuing building on this great momentum.”