Sacyr operates in this activity through its subsidiary Testa Inmuebles en Renta, a publicly-listed company in which the Group holds a 99.33% stake.
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's main areas of influence are still Madrid and Barcelona in Spain, Paris in France, and Miami in the USA.