09/06/2015

Sacyr has reached an agreement to sell its subsidiary Testa, Spain's leading property management company, to Merlin Properties Socimi for €1.793 billion.

Under this deal, Sacyr will significantly improve its financial position and will be able to pursue its global strategic program for its core businesses of construction, infrastructure concessions, services and industry.

Achieving the program's aims will establish Sacyr as an international leader in the sectors and countries in which it operates, increasing its market share and ability to face greater business challenges.

In addition, the sale of 99.6% of Testa is not associated with any other divestment and allows Sacyr to reach its target financial structure in order to develop its strategic program.

The sale agreement will be carried out in phases over the coming months. The first phase took place today, with Merlin taking a 25 percent stake in Testa through a capital increase. Testa previously carried out a capital reduction that paid out extraordinary dividends, earning Sacyr €238 million. The remaining €1,555.24 million correspond to the sale of Sacyr's 74.6 percent stake in Testa after the increase.

Sacyr will soon announce each of the steps that Sacyr and Testa will take to implement the sale agreement announced today.

N.P_Sacyr agrees to sell Testa
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