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Blackstone finishes buying Testa’s stock and reaches 99.5% of its capital stock
11 April 2019 | Vanessa Sousa

American giant Blackstone finished buying Spanish REIT Testa’s stock this Wednesday through its vehicle Tropic Real Estate Holding, thus becoming the company’s main shareholder.

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Last December the American investment vehicle closed the deal to acquire 18.43% of Testa’s stock with its then owner, Banco Santander, for an undisclosed amount.  

This operation follows another carried out in September. At the time, Merlin Properties together with BBVA and Banco Santander approved the sale of 50.01% of the company’s stock. On this deal alone, Blackstone’s vehicle spent 947.7 million euro.

The Spanish REIT’s management will remain with Banco Santander as well as Blackstone, as per the deal agreed upon by both companies at the end of last year.