06 Aug Témpore Properties shareholders meeting endorses agreements linked to the entry of TPG Real Estate Partners
The Témpore Properties Extraordinary General Shareholders’ Meeting has approved the corporate financing proposed by the management team, which will be put in place prior to The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) selling 75% of the share capital of the Socimi to TPG Real Estate Partners (TREP), the real estate investment platform of the TPG fund.
The Témpore Properties shareholders agreed to the payment of a dividend of EUR7.1 per share and the incorporation to the Socimi’s board of directors of four TPG representatives: Michael Abel, Matthew Coleman, Daniel Valenzano and Jonathan Farrell.
Sareb will retain a stake of 24.12% in the share capital of Témpore and continue to have two directors on the Socimi’s board of directors.
Témpore Properties SOCIMI is a REIT founded by Sareb in November 2017 with the aim of selling part of its residential lettings stock located in the metropolitan areas of major cities, and began to list on the Alternative Stock Market (Mercado Alternativo Bursátil – MAB) in April 2018. Témpore is currently the third largest residential lettings company in Spain by number of homes operated.