U.S. real estate investment firm TPG Real Estate is planning to purchase a stake in Spanish rival Témpore Properties in a $370 million deal.

Under the pact, TPG Real Estate agreed to buy 75 percent of Témpore’s shares from Sareb, which will retain a 24.12 percent stake in the firm, at $13.66 per share.

Additionally, TPG will extend its offer under the same conditions to existing minority shareholders, which represent 0.88 percent stake of Témpore.

TPG Real Estate noted that with the proposed acquisition, the firm intends to partner with Sareb to effectively manage, enhance, and grow Témpore.