The US fund Blackstone has closed the sale of 365 assets of Testa, one of its rental flats socimis. In total, the company has transferred 129 flats, 137 parking spaces and 99 storage rooms for 34.2 million euros, according to El Confidencial. All of these are non-strategic assets for the socimi, which are located in buildings where Testa does not control the entire company.
The socimi is currently trying to finalise the details of its refinancing agreement, which was originally scheduled for October this year, but which has taken longer than expected. In February next year, the syndicated loan of 1,735 million euros that the fund's subsidiary has at Euribor plus 200 basis points, the reference on which the new conditions are being defined with AXA, Santander, GIC, Société Générale and Bank of America.
This loan is secured by all of Testa's properties and requires compliance with a series of ratios, one of which the socimi has failed to meet. As a result, all income from rentals or asset sales must be retained in a cash trap account.
With this transaction, the company accumulates approximately €70 million in this account. Similarly, the socimi is trying to adjust the overall amount of the loan with the intention of reducing it slightly. In addition to this syndicated loan, Testa has also been granted two loans by Blackstone which mature at the end of January, totalling 47.5 million euros.