• Transaction / Assets
    20% of Testa Residencial
  • Seller
  • Buyer
  • € MM

Acciona Sells its Stake in Testa to Blackstone for €379M

8 October 2018 – Eje Prime

Blackstone is continuing to increase its stake in Testa. After acquiring the majority of the company in September, by purchasing the shares owned by Merlin, BBVA and Santander, now the US fund is buying the 20% stake that Acciona owns in the rental home Socimi for €379 million, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

The closure of the operation, which has not been formalised yet, is conditional upon the completion of the sale of 50.01% of Testa’s share capital, which Blackstone agreed with Merlin, BBVA and Santander for €948 million. The fund will pay the real estate arm of Acciona €14.32 for each share that it owns in the Socimi, whereby assigning the company a total value of €1.895 billion.

Testa, which has been listed on the Alternative Investment Market (MAB) since July, owns a portfolio of assets containing more than 10,700 homes, which gave the company a market capitalisation of €1.833 billion on the day that it made its stock market debut.

Original story: Eje Prime

Translation: Carmel Drake