Axa finalizes the purchase of 800 rental homes from a Blackstone Socimi

Axa finalizes the purchase of 800 rental homes from a Blackstone Socimi

The French firm finalizes the acquisition of a portfolio of about 800 homes from the Socimi Testa, owned by Blackstone.

Testa put up for sale a portfolio of six buildings located in Madrid, in the neighborhoods of Méndez Álvaro and San Chinarro and in the towns of San Sebastián de los Reyes, Boadilla del Monte and Majadahonda.

Axa is one of the groups that have been interested in the rental market in recent times in Spain, given the high demand for this type of housing and the scarce professionalized offer from large companies. In 2020, the insurer acquired seven subsidiaries from real estate agency Tectum that add up to a portfolio of 919 houses for affordable rent, all of them in Madrid.

Blackstone is selling off numerous homes for rent in Spain. It has also put 3,100 properties for sale in the retail market and valued at 361 million, in this case of its Socimi Albirana

Testa's portfolio has a gross value of 2,856 million euros, according to a Savills appraisal collected in its 2020 accounts. Therefore, it represents the divestment of around 10.5% of the portfolio. Blackstone acquired the Socimi, listed on BME Growth, in 2018 after acquiring it from Merlin, Acciona, Santander and BBVA.

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