Testa Inmuebles en Renta SA (TST)

Testa Inmuebles en Renta, S.A. is a listed company pertaining to the Sacyr of which its parent company, Sacyr Vallehermoso, S.A., holds a 99.33% share of the capital. Testa has an outstanding capacity for generating recurrent revenues, due to the extended lifetime of its managed assets and its customer portfolio. This means that it is an excellent consistent creator of value. Moreover, the potential for appreciation of its real estate assets means that capital gains may be added to the income generated from rent. The Testa group has a portfolio of first-class assets, located in the best locations and rented to large companies and with medium and long-term leases, which help it maintain high occupancy levels of more than 95%. Turnover of mature assets is also considered, provided that this generates funds for new, more profitable investments, and the value of the asset is not expected to increase significantly in the future. Testa owns offices, logistics centres, shopping centres, homes, residences and hotels. The market value of these property assets surpasses 4,400 million Euros according to valuations carried out by independent experts. Testa´s main areas of influence are still Madrid and Barcelona in Spain, Paris in France, and Miami in the USA. Testa is currently developing an additional business line: property asset management belonging to other entities. The subsidiary Gesfontesta sees to the administration of property portfolios pertaining to Investment Funds from the Banco de Santander, Banco de Sabadell and Ahorro Corporacion. By way of complement, Gescentesta actively takes charge in managing three shopping centres besides Testa´s own. In total, more than 1.5 million square metres are effectively managed.