Acciona announced Monday that it has reached an agreement with Blackstone to sell its 20% interest in the estate company Testa Residencial. According to a note sent to the National Securities Market Commission, the Spanish group and the US investment fund have agreed a price close to 379 million euros for that shareholding package. The operation is subject to Blackstone taking control of 50.01% of Testa, something that was announced last September after the fund agreed to purchase all the shares of BBVA and Merlin Properties and a portion of the Bank's Santander, and the approval of the competition authorities.
When the operation is completed, Blackstone will control 70.01% of Testa. Last September the US fund announced its intention to take over the socimi (real estate investment company), which specializes in residential rental. In a press release, the fund then reported that it had made a binding offer to "shareholders representing more than 99% of the company's capital stock" (BBVA, Merlin, Santander and Acciona) of the company. With three of them reached an agreement then: BBVA agreed to sell its 25.24%, Merlin did the same with its 17% and Banco Santander, which had 36.9%, agreed to sell only one part, 7.76% , so it will continue to retain 29%.
The price of the offer of Blackstone, of 14.33 euros per share, supposes to value Testa in 1.895 million. The socimi quotes in the MaB (Mercado Alternativo Bursáti) since last July, where it came out with a price of 13.9 euros per share, although last Friday it closed at 14.4. Its real estate portfolio has more than 10,600 homes for rent throughout Spain, although almost 60% are located in Madrid. The operation, which is carried out through Tropic Real Estate Holding SA (a company managed by Blackstone) consolidates the fund's position in the Spanish real estate market, where it controls assets for an estimated value of more than 20,000 million. In addition, it reinforces the commitment to the rental portfolios of Blackstone, which entered Spain precisely after the purchase of a portfolio of social rental housing that the City of Madrid agreed to sell in 2013 and manages through another socimi, Fidere.