On completion, this will be the first firm dealing in homes for rental in Spain. According to Acciona’s president, José Manuel Entrecanales, the operation could be completed “before summer”, as quoted by the Spanish ABC. He explains that, ”We have been in negotiation with merlin for some time, and I believe than in a few months, probably before summer, we will know if it is to go forward or not, and I believe that it will.
When the transaction is complete, Acciona will fulfil its objective for a strategic exit from its patrimonial business, which in 2015 encompassed the subsidiary Acciona Real Estate, after which last year it had renounced the intention to list on the stock exchange.
Spanish Real Estate explains that, in virtue of the transaction, Acciona will transfer to Testa its portfolio of 1,382 houses for rent in return for it becoming a partner in the resulting company with a share "somewhat less than 30%” according to the estimate of the group’s president. This portfolio is valued at around 350 million euros, 735 of which are situated in Madrid.
The same source says that the socimi directed by Ismael Clemente will bring a new boost to the growth of Testa Residencial, the subsidiary which last year was formed together with Santander, BBVA and Banco Popular with the properties it gained from the merger with Metrovacesa and which it does not consider strategic.
The idea is that this home rental giant can be listed on the stock exchange, eventually with a portfolio of about 9,400 homes being rented out. At present, Santander is the main shareholder, with a 44.3% share, ahead of BBVA with 33.5%, Merlín (16.10%) and Banco Popular (3.9%).