TPG Real Estate Partners (TREP) reached an agreement to acquire 75% stake in Témpore Properties SOCIMI, S.A. (BME:YTEM) from Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. (Sareb) for approximately 250 million on July 5, 2019. Under the terms of the agreement, TREP will pay an indicative price of 12.17 per share of Témpore less the value of the next dividend payment to be approved at Témpores Extraordinary General Meeting, which will take place on August 5, 2019. TREP will extend its purchase offer under the same conditions to existing minority shareholders, who represent 0.88% of Témpore. The price results form a competitive process launched by Sareb to which national and international investors were invited and represents Témpore Properties market value. Post completion of the deal, Sareb will retain a 24.12% stake in the Socimi. Under its new shareholder structure, Témpore will remain listed on the MAB and continue to be led by Chief Executive Officer Nicolás Díaz Saldaña. As part of the transaction, TREP will assume four of the seven seats on Témpores Board of Directors. The appointment of Michael Abel, Matthew Coleman, Daniel Valenzano and Jonathan Farrell as new Directors representing TREP will be submitted for approval in Témpores upcoming Extraordinary General Meeting. Témpores headquarters will remain in Madrid.
Diego Pérez de Nanclares, Ignacio Freire, Alberto Campo and Luis Vegas of Evergreen Legal acted as legal advisors for Sareb. Alantra Partners, S.A. acted as financial advisor for TREP. Kirkland & Ellis LLP and Diego Armero, Javier Ruiz-Camara, Victor Viana and Blanca Arlaban of Uría Menéndez Abogados, S.L.P. acted as legal advisors for TREP. JLL and Básico are acting as real estate advisers to TREP.Ernst & Young LLP acted as due diligence provider to TPG capital, parent of TPG Real Estate Partners.
TPG Real Estate Partners (TREP) completed the acquisition of 75% stake in Témpore Properties SOCIMI, S.A. (BME:YTEM) from Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A. (Sareb)on August 8, 2019. As of August 8, 2019, TREP paid 12.18 per share of Témpore Properties SOCIMI, S.A.. As of August 5, 2019, the transaction has been approved by the shareholders of Témpore Properties SOCIMI, S.A at the extraordinary general meeting.