Spanish real estate company Testa Residencial SOCIMI SA agreed to buy a 42-building portfolio in Spain, from the real estate arm of Caixabank, dubbed BuildingCenter SA, for about €228 million.

With the acquisition, Testa will gain ownership of 1,458 apartments, 66% of which are in Madrid, Palma de Mallorca, Barcelona and Valencia, while the remaining are spread across other Spanish metropolitan areas.

The 90%-leased properties are expected to pool in €8.7 million in estimated annual rental income to the company. Testa said it anticipates completion of the trade, subject to the fulfillment of certain closing conditions, in 2018.