Acciona announced yesterday that it has accepted an offer from Blackstone for its entire stake in Testa Residencial Socimi for about €379M euros. Blackstone will pay 14.3267 euros per share.
ACCIONA had a 20% stake in Testa Residencial, the largest multi-family housing REIT in the Spanish market, with over 10,000 apartments. Testa’s portfolio includes properties mainly in Madrid, San Sebastián, Barcelona, Las Palmas de Gran Canaria, Palma de Mallorca and Valencia.
Blackstone will seek the necessary authorization from Spain’s competition authorities in order to formalise the takeover and control over 50.01% of Testa’s capital.
In July 2017, ACCIONA reached an agreement to integrate its residential rental portfolio within Testa with the aim of maximizing the profitability of its assets.