Testa Residencial approves the distribution of €76M to its shareholders

Blackstone’s sole rental property SOCIMI in Spain, following yesterday’s sale of Fidere, held an extraordinary general meeting yesterday at which a distribution of €76 million was approved, equivalent to €0.58 per share (excluding treasury shares as at the date of the meeting), according to the document filed with BME Growth.
 
The US management firm, the SOCIMI’s majority shareholder through Tropic Real Estate Holding, has expressly stated its intention that, of the total amount due to it from the distribution, the sum of €76,011,628.74 be paid as settlement of the debt the shareholder owes to Testa for that amount.
 
Thus, the set-off will take place today, 31 March 2026, and will extinguish the reciprocal obligations of the SOCIMI and the majority shareholder for the aforementioned amount. The remainder of the distribution amount due to it will be paid in cash in accordance with the schedule indicated above.
 
In December of last financial year, the SOCIMI, together with its subsidiaries Testa Alquileres Urbanos and Valgrand, announced the refinancing of its debt for an amount of €1,626.3 million with a five-year maturity, extendable for two successive one-year periods (up to a maximum of seven years), subject to the fulfilment of certain conditions.
 
Testa is considered one of the largest SOCIMIs in the residential sector in the country, with a portfolio of over 10,000 homes and a presence mainly in Madrid, but also in San Sebastián, Barcelona, Las Palmas de Gran Canaria, Palma de Mallorca and Valencia. In early November, the company presented its income statement for the first half of this year, during which it managed to reduce its losses by 75% and recorded a loss of €6.78 million as at 30 June, compared with the €27.17 million loss incurred in the same period of the previous financial year.
 
Furthermore, Blackstone announced this week the convening of an extraordinary general meeting to finalise the sale of its Fidere portfolio to Brookfield. The agreement to sell these 5,000 homes, spread across 47 buildings, has been concluded for a total of €1.05 billion, corresponding to the valuation of the properties owned by the subsidiaries, from which the debt associated with these assets will be deducted.