Publications

Testa Residencial buys Spanish apartment portfolio for €228m
Transactions - MARCH 23, 2018

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Testa Residencial buys Spanish apartment portfolio for €228m

by Jody Barhanovich

Spain-based Testa Residencial has agreed to acquire a portfolio of 1,458 apartments from BuildingCenter S.A., the real estate subsidiary of Spanish financial services firm CaixaBank, for an approximate price of €228 million ($281 million).

Two-thirds of the apartments are located in Madrid, Palma de Mallorca, Barcelona and Valencia, and the rest are located in other metropolitan areas in Spain. The 42 buildings that make up the portfolio currently have an occupancy rate of 90 percent. The deal is expected close over the next few months.

After this acquisition, Testa will own 10,702 apartments in Spain, mainly located in Madrid and with a prominent presence also in San Sebastian, Barcelona and Valencia.

Forgot your username or password?