Alantra advised TPG on the acquisition of 75% of Témpore from Sareb

Apr 2019

Buy-side advisory

Value €329.5 million

Alantra has advised TPG Real Estate Partners (“TREP”) on the acquisition of 75% of Témpore Properties (“Témpore”), a Spanish Real Estate Investment Trust (“Socimi”) listed on Madrid’s Alternative Stock Exchange (“MAB”), from Sareb. Sareb will retain a 24.12% stake in the Socimi.

TREP will pay an indicative price of €12.17 per share of the Socimi less the value of the next dividend payment to be approved at Témpore’s Extraordinary General Meeting. This indicative price per share puts a value on the shares of the company of €329.5m, which is 10% above its market capitalization at the close of the MAB on July 4, 2019 and 17% higher than the original IPO value.

This transaction positions Alantra as one of the most active advisers in the Spanish real estate sector, having been recently involved in the sale of Solvia to Intrum; in the creation of a joint venture between Sareb, Aelca and Värde Partners to manage residential developments with a GAV over €800m; in the merger of Via Celere and Aelca; in the sale of a €309m NPL portfolio with 2,533 real estate collaterals from Bankia to Blackstone; and in obtaining €55m of senior secured financing for Sierra Blanca to develop a prime residential project in Marbella (Spain).

Témpore manages a portfolio of more than 2,200 residential rental units located in major cities across Spain. The company was listed on the MAB in March 2018 and is one of the largest residential Socimis in Spain.

TPG Real Estate is the real estate equity investment platform of TPG, a leading global alternative asset firm with more than $108 billion of assets under management and 17 offices around the world.

Sareb is a private entity created in November 2012 to help clean up the Spanish financial sector, and specifically the entities that received public aid. Sareb commits to liquidating properties and loans acquired before 2027.