The real estate company will have largest portfolio of flats to rent
Testa Residential, reit owned by banks Santander and BBVA and society Merlin, expected to go public in second quarter of 2018. For this project, yesterday approved in board its merger with business of rental housing units in Acciona group. The company has until 30 September 2018 to go to market.
The reit has also adopted, in assembly of nature extraordinary, capital increase in kind with form of merger with Acciona. The operation, estimated at 341 million, supposed to be first real estate of flats for rent in country.
Acciona will bring its portfolio of 1.058 rental housing to Testa. In return, you receive shares of this company, equivalent to 21% of its capital, valued at 341 million. In this way, group that presides over José Manuel Entrecanales becomes third largest shareholder of this reit that quote, behind Santander (38.8%) and BBVA (26.9 per cent). Merlin, also a reit, will dilute ir participation and will be provided with 12.7% of Testa Residential.
- The socimis brick Bag
- Acciona and Merlin finalise merger of ir subsidiaries of flats in rent
- BBVA, Santander and Popular cross 3,300 dwellings to Testa Residential
The board of Testa Residential approved, also, to give input to a representative of Acciona on its board. The seat of Acciona will be occupied by Isabel Antúnez, director general of property development of group construction and renewable energies. The partners of Testa also gave green light to appointment of Javier Alarcó Gray as independent director, according to company sources.
The operation will give rise to a new giant real estate, unpublished until now in Spain, because that will be first flooring company in leasing in Spain, you will also see light coinciding with boom that lives market of residential lease.
once you materialize merger, new Testa-Residential will have a portfolio of 9.041 homes for rent to private individuals, spread across 118 buildings and valued at approximately 1.816 million. The company, according to forecasts, will generate revenue of about 70 million euros per year for lease of this portfolio of flats, more than half of which (51%) are located in Community of Madrid.
The agreement represents a new impetus for strategy of this reit. Testa Residential is result of merger of Merlin with branch of heritage of Metrovacesa. At that time it was agreed to segregate portfolio of houses in a firm-specific that it would be socimi. The company already dealt with a first operation of growth at beginning of this year, when its three banks shareholders (Santander, Popular and BBVA) transferred to reit a package of 3,300 dwellings.