PÉREZ-LLORCA advises Blackstone

Blackstone buys 50.01% of Spanish Reit Testa residencial Socimi.  Blackstone continues to strengthen its position in Spain’s residential sector following their acquisition of Spanish REIT, Hispania. Blackstone's Tropic Real Estate Holding will pay around 947.9 million euros for the stake, giving Testa an implied valuation of EUR1.90 billion.

The vendors were Banco Santander SA (SAN.MC), Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) and Merlin Properties SOCIMI SA (MRL.MC). Testa is currently the leading company in Spain’s residential rental market with a portfolio of 10,615 units.

PÉREZ-LLORCA  advised Blackstone in the transaction through partners Julio Lujambio, Pablo González-Mosqueira and Javier Gómez and associates José Luis Romeu and David José Mayor.