Blackstone Acquires Majority Stake in Testa Residencial
09.17.18
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The Firm is representing funds advised by The Blackstone Group L.P. in connection with its agreement to acquire a majority stake in Testa Residencial, S.A., SOCIMI for approximately €947.9 million (US$1.1 billion) from Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A. (and other entities of its group) and Merlin Properties SOCIMI, S.A. Shareholders representing more than 99% of Testa’s share capital received and accepted a binding offer for the acquisition of shares to Tropic Real Estate Holding, S.L., a company managed by real estate funds of Blackstone. The acquisition of shares of Testa represents 50.01% of the share capital.
Testa Residencial SOCIMI, S.A., currently owns and manages more than 10,600 residential units in the main Spanish cities and regions. The company is focused on optimising the operational management of its buildings, implying a better service for its tenants and also improved profitability for its shareholders.
The Simpson Thacher team includes Wheatly MacNamara, Tom Lloyd, Sam Charlton, Luke Murphy and Spencer Patton (Real Estate).