23 March 2018 – Inmodiário
The 1,458 homes are located in some of Spain’s principal cities and are being acquired for an estimated 228 million euros.
Testa Residencial, with a portfolio of 10,702 homes, is thereby consolidating its leading position in Spain’s rental housing market.
Testa Residencial has reached an agreement with Building Center SAU, the real estate arm of the Caixabank group, to acquire a portfolio of 1,458 homes, for approximately 228 million euros. 66% of the properties are located in Madrid, Palma de Mallorca, Barcelona and Valencia, while the remainder is in other Spanish metropolitan areas. Of the 42 developments that make up the portfolio, 90% are allocated, and it is estimated that they will add 8.7 million euros to the company’s annual turnover. The acquisition is subject to a series of conditions, and the homes will be acquired in the coming months as those requirements are met.
Wolfgang Beck, Testa Residencial’s CEO, stated that he is very satisfied with the acquisition, which will “allow Testa to consolidate its position as the leading company in Spain in the rental housing market, excluding financial entities.” After the purchase, Testa will own 10,702 homes in Spain, which are located mostly in Madrid, with a prominent presence in San Sebastian, Barcelona and Valencia as well.
Testa Residencial aims to consolidate its position as an efficient rental housing platform that adapts to the needs of its tenants, in line with Europe’s other residential real estate firms. The socimi intends to continue to follow its strategic growth plan, purchasing assets that are complementary to its portfolio, to achieve its goal.
Original Story: Inmodiário
Translation: Richard Turner