Blackstone’s €947.9 Million Acquisition of a Majority Stake in Testa Residencial

Simpson Thacher & Bartlett and Pérez-Llorca advised on the deal

The Blackstone Group L.P. executed an agreement to acquire a majority stake in Testa Residencial, S.A., SOCIMI for approximately €947.9 million (US$1.1 billion) from Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A. (and other entities of its group) and Merlin Properties SOCIMI, S.A. Shareholders representing more than 99% of Testa’s share capital received and accepted a binding offer for the acquisition of shares to Tropic Real Estate Holding, S.L., a company managed by real estate funds of Blackstone. The acquisition of shares of Testa represents 50.01% of the share capital.

Testa Residencial SOCIMI, S.A., currently owns and manages more than 10,600 residential units in the main Spanish cities and regions. The company is focused on optimising the operational management of its buildings, implying a better service for its tenants and also improved profitability for its shareholders.

The Simpson Thacher team includes Wheatly MacNamara (Picture), Tom Lloyd, Sam Charlton, Luke Murphy and Spencer Patton (Real Estate).

Involved fees earner: Wheatly MacNamara – Simpson Thacher & Bartlett; Tom Lloyd – Simpson Thacher & Bartlett; Samuel Charlton – Simpson Thacher & Bartlett; Luke Murphy – Simpson Thacher & Bartlett; Spencer Patton – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Blackstone;