Testa Residencial has agreed to acquire a portfolio of 1,458 apartments in Spain from Caixabank for €228 mln.
Testa, a Spanish SOCIMI or real estate investment trust (REIT), is buying the portfolio from BuildingCenter, Caixabank's real estate subsidiary.
Some 66% of the apartments are located in Madrid, Palma de Mallorca, Barcelona and Valencia and the rest is spread across other metropolitan areas in Spain. The 42 buildings that make up the portfolio currently have an occupancy rate of 90% and will contribute an estimated €8.7 mln of annual rental income to Testa.
The closing of the deal is expected to take place over the next few months, when certain closing conditions are met.
Wolfgang Beck, CEO of Testa Residencial, said the acquisition 'enables Testa to reinforce its position as the leading company in the Spanish residential rental market (excluding financial institutions)'.
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.
