Blackstone wins €1.5b refinancing for Spanish arm Testa

US asset management giant Blackstone is understood to have secured a massive €1.5 bn refinancing for its Spanish residential property investment arm Testa.

The deal – which has yet to be finalised – is part of Testa’s normal course of business ahead of a loan reaching maturity in February 2024.

The lending syndicate is said to include Banco Santander, Société Générale and Bank of America with the terms rumoured to comprise a €1.2 bn senior tranche and a €280 mln junior tranche.

Blackstone is understood to be putting in significant equity into the deal to support the extension in demonstration of its commitment to the portfolio.

The transaction follows the announcement last week that Blackstone had secured a €910 mln refinancing for the Kereby portfolio including 154 assets located in central Copenhagen.

This is also the third major debt extension secured in the Spanish market this year.

In the first quarter of 2023 Blackstone won a €650 mln facility for its Southern European resort hotel arm HIP and in the second quarter it secured a €440 mln financing for its Spanish multifamily REIT Fidere from Crédit Agricole, BNP Paribas and Citibank.
Blackstone created Fidere in 2013 and five years later bought into Testa, which currently owns more than 10,000 homes in Spain with occupancy on available units at around 97%.

It has since invested capex in Testa and Fidere of around €240 mln.


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