Testa Residencial incorporates 1,058 units from Acciona

Testa Residencial incorporates 1,058 units from Acciona

They constitute 10 buildings, most of them in Madrid, as well as the provision by a third party of 43 houses. This high quality properties set includes 849 houses at Parque Conde Orgaz. The portfolio has an occupancy of 94% and generates annual gross incomes of €12.6 million, with a gross asset value (GAV) of €400 million and a net asset value (NAV) of €336 million. According to the Spanish Real Estate, it’s one of the best residential portfolios on the Spanish market.

If the shareholders meeting approves this capital increase in September, the Testa Residencial portfolio will have 9,041 houses and 118 buildings, with annual gross incomes of more than €70 million, maintaining a debt level of 17%.

When the operation is closed, Acciona will have 21% of Testa Residencal, adding to the 35.7% of Santander, 26.9% of BBVA, 12.7% of Merlin Properties, 3.1% of Popular and 0.6% of other shareholders.




Photo: El Mundo

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