Spanish builder Sacyr has reportedly received several offers for Testa, its real estate unit with a portfolio of over €3 bn.
Spanish builder Sacyr has reportedly received several offers for Testa, its real estate unit with a portfolio of over €3 bn.
According to Spanish paper Expansion, US private equity firm Blackstone, as well as local REITs Merlin and Hispania, and French listed investor Eurosic have all tabled offers for the property landlord.
Sacyr hired investment bank Lazard last year as an adviser on the possible sale of a 30% stake in Testa. The company, which owns 99.5% of Testa, had been studying the possible sale of shares in the unit for more than a year.
Bidders Merlin and Hispania have been two of the most active buyers in Spain in the past months. Hispania, which is controlled by Mexican billionaire Carlos Slim, recently launched an offer to acquire a 25% stake in Spanish indebted property firm Realia.
Merlin said last month it had already made a preliminary non-binding offer for a stake in Testa.
Eurosic, a French value-add real estate investment trust, recently bought a stake in Siic de Paris from former Spanish shareholders Realia and Colonial. The investor is believed to be looking to expand in Spain and is launching the offer together with an unnamed foreign fund.
Sacyr said the sale of Testa is being evaluated together with other options including a share offering and the entry of a new investor with a stake of around 30%.