Testa sells almost 250 dwellings to Allianz for €185M

Testa sells almost 250 dwellings to Allianz for €185M

The German insurance group Allianz has closed the purchase of a portfolio of assets from the Socimi Testa Residencial, owned by Blackstone, for 185 million euros.

The acquired portfolio includes nine residential assets with nearly 250 rental homes, 4,000 sqm of commercial areas and parking spaces, located in the northern area of ​​Paseo de la Castellana. Specifically, 245 residential units and a commercial space, distributed in eight residential buildings, which have been fully acquired, and an additional ninth building, which has been only partially acquired.

The buildings are located between Doctor Fleming, Félix Boix and Carlos Maurrás streets, a few meters from the Azca financial center and the Santiago Bernabéu. They have undergone a comprehensive reform under the ownership of Testa, which sells at a return of around 1%.

The operation, mediated by CBRE, will be channeled through Elix Vintage, the socimi that Allianz acquired last summer from KKR and Altamar for 140 million, with the aim of positioning itself in the rental housing segment in Spain. At that time, the socimi had 21 buildings, totaling 420 units, to which must be added those acquired from Testa.

In addition, the company is in negotiations with the British fund Globe Invest to acquire a building portfolio of 560 homes, distributed between Madrid and Barcelona, ​​valued at around 200 million.

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