This incorporation came about by means of a capital expansion of 659.722.999,95 euros. “This influx will permit us to improve our financing capacity and to generate important economies of scale from a greater number of assets”, explains Miguel Oñate, managing director of Testa Residencial.
In this way, Testa Residencial has filled its portfolio with 3,387 new houses selected after identifying those which meet the standards of quality of the company, as well as the profitability objectives. “We have prioritised quality over quantity in this selection process given that for the company it is very important that any new asset meets these standards of quality and, equally, the characteristics of the homes fall within our strategic plan”, explains Miguel Oñate.
After this addition, the company has a portfolio of 8,064 houses, with an occupancy rate above 92%, making it one of the companies with the greatest supply of residential rentals in Spain. This transaction is just a first step towards the company’s objective of incorporating new shareholders capable of bringing in assets with similar characteristics to construct an efficient platform for rental housing in Spain.
“From now onwards”, continues Oñate, “we are facing a new step and we are convinced that we are going to be capable of bringing important benefits for our shareholders, employees and important tenants”.
Testa Residencial hopes to change the business model for residential rental in our country in line with those of other European countries where this model is very entrenched.
The objective of Testa Residencial is to offer a portfolio of properties suited to the actual needs of the market, with a proposal for services added which facilitates access to the rental home. Specifically, an operating transparency needs to be established which generates and guarantees legal security.
Santander, BBVA and the Banco Popular contributed a package of nine houses, valued at 665 million euros, to Testa Residencial, the rental housing SOCIMI which they hold with Merlin Properties.
Testa Residencial is consolidating the form of the professionalised platform for house management for long term rental in Spain.
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