MERLIN Properties Socimi, S.A., and Sacyr, S.A. have entered into an investment agreement for the acquisition in several steps of the entire share capital of Testa Inmuebles en Renta, S.A. (“Testa”) owned by Sacyr for a total consideration of approx. €1.8 bln.
Testa owns a portfolio of assets of superior quality, with a gross value above €3.2 bln gross annual rental of €159 mln and a gross leasable area of 1 million m².
Ismael Clemente, CEO of MERLIN Properties commented: “Testa acquisition represents the creation of the Spanish leading real estate company, with a gross asset value above €5,500 mln and combined gross annual rents of over €290 mln. MERLIN Properties combination with Testa places the joint entity as the undisputed leader in the office segment, third player in the logistics segment and with a relevant position in shopping centers. Testa portfolio of assets is clearly one of the best portfolios in the Spanish market, and the professional team enjoys a proven track record in asset management, including tasks such as leasing and refurbishments / developments. Testa represents an unique opportunity to capture future growth in the Spanish real estate market and fits integrally with MERLIN Properties long-term oriented business strategy“.