After the capital expansion which will allow the incorporation of more than 3,300 houses coming from shareholder banks, the company hopes to change the business model for residential rentals in our country and to be on a standard with other European countries where these forms are very established.
For this, the company is relying on a team of 50 people with knowledge of managed assets and with a wide experience in this sector, led by Miguel Oñate, Managing Director of Testa Residencial. With the expectation of incorporating this new housing package on the 7th March, the company is immersed in the unification of procedures and types of contracts to reach a level of standardisation which will facilitate asset management.
Spokesmen for Testa Residencial point out that their objective is to offer a property portfolio suitable for the actual needs of the market, with an up to date valuation and a proposal for added value in order to solve the real problems experienced by those who seek a house to rent. Ultimately, this is a guarantee of an operating transparency which generates and guarantees legal security.
A portfolio valued at 1,740 million euros
Testa Residencial is one of the companies with the biggest supply of rental housing in Spain with 8,068 houses, 69% private (non-subsidised), of which, in 35% of cases, the company owns 100% of the property, and has a majority stake in the remainder. Madrid has the largest proportion of the total (46%) but there are also houses in locations such as San Sebastián, A Coruña, Valladolid and Barcelona.
The portfolio is currently valued at 1,740 million euros with an occupancy rate of 92%, bringing in a rental income of 56 million euros, figures which the company hopes to increase.
After the last capital expansion, Banco Santander had a participation of 44.39%, whilst BBVA had 33.57%, Merlin Properties 16.10% and Banco Popular 3,9%, as the main shareholders