Témpore Property expands Spanish residential rental platform

Témpore Properties, a company under TPG Estate Partners, has expanded its Spanish residential rental platform with the help of the buyout of two assets, worth €40.8 million in total.

The Spanish real estate investment trust (Socimi) said it has agreed to buy a 173 residential property in the city of Castellón (Valencia) from entities controlled by Cerberus Capital Management and Banco Santander.

Témpore Properties has also acquired a portfolio of 184 residential dwellings and associated parking and storage units from Spain’s ‘bad bank’ Sareb.

The acquisitions will expand the Socimi’s residential rental platform, adding more than 350 residential dwellings in Valencia and Madrid.

Nicolás Díaz Saldaña, CEO of Témpore Properties, said:

“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.

“Our recent acquisitions are consistent with these ambitious expansion plans and extend the quality and reach of our portfolio.”

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