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Acciona to sell Testa Residencial stake to Blackstone for €379M

Energy infrastructure company Acciona SA agreed to sell its entire stake in Spanish residential real estate company Testa Residencial SOCIMI SA to an entity managed by a fund of private equity giant Blackstone Group LP for approximately €379.0 million.

According to separate Oct. 8 announcements, Blackstone Group International Partners LLP, on behalf of Tropic Real Estate Holdings SL, offered to purchase Acciona's approximately 20% stake in Testa for €14.3267 per share.

The deal is subject to Blackstone acquiring at least 50.01% of Testa's share capital as well as approval from Spain's competition authorities.

In September, MERLIN Properties, Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA agreed to sell a 50.01% stake in Testa to Tropic Real.