11 September 2017 – Expansión
This week, Testa Residencial, the Socimi owned by Santander, BBVA and Merlin, is expected to approve its merger with Acciona’s rental home business, in an operation estimated to be worth €341 million. The deal will result in the constitution of the largest rental home real estate company in the country.
Testa is expected to approve the operation, which will be executed through a non-monetary capital increase, at its Extraordinary General Shareholders’ Meeting on Thursday. Acciona will incorporate its portfolio of 1,058 rental homes into Testa’s business. In exchange, it will receive shares equivalent to 21% of the Socimi’s share capital.
Original story: Expansión
Translation: Carmel Drake