Santander, BBVA, Merlin to Sell 50.01% of Testa Residencial to Blackstone Group
September 17 2018 - 6:53AM
Dow Jones News
By Nathan Allen and Paula Lacruz
Banco Santander SA (SAN.MC), Banco Bilbao Vizcaya Argentaria SA
(BBVA.MC) and Merlin Properties SOCIMI SA (MRL.MC) have agreed to
sell a majority stake in Testa Residencial SOCIMI SA (YTST.MC) to
funds controlled by Blackstone Group LP (BX), Testa said on
Monday.
Blackstone's Tropic Real Estate Holding will pay around 947.9
million euros ($1.10 billion) for the stake, giving Testa an
implied valuation of EUR1.90 billion, according to a statement from
Testa.
Testa said Blackstone will pay around 50% of the offer price at
the end of December, with the balance to be paid in two further
installments in March and September 2019.
Blackstone has committed to buying out remaining shares in the
company at the same price of EUR14.33 a share, less the value of
any dividends or other payments to shareholders, Testa said.
Testa, which listed on the Madrid Stock Exchange in July, owns
and manages more than 10,600 homes across Spain.
Santander holds a 36.87% stake in the company, while BBVA owns
25.24%. Acciona SA (ANA.MC) holds 20% and Merlin owns 16.95%,
according to FactSet.
Merlin said in a separate statement that it will use the
EUR321.2 million proceeds from the sale of its stake to reduce
leverage.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
September 17, 2018 06:38 ET (10:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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