Spanish housebuilder Neinor Homes has entered into a partnership with fund manager Ameris Capital to co-invest in Spain’s residential market.
The venture will focus on developing residential properties for sale, with a target land investment of up to €50m. Neinor will serve as the industrial partner, responsible for overseeing all stages of development, including design, marketing, licensing, financing and construction.
The joint venture recently acquired a site in Paterna in Valencia and plans to invest over €15m to develop 72 new homes. Neinor will hold a 27% stake in this project, with Ameris owning the remaining 73%.
Borja García-Egotxeaga, CEO of Neinor Homes, said: “I would like to highlight two aspects of this transaction. First, it is another demonstration of the growth potential of our joint-venture platform, through which we enhance returns for our shareholders.
“Second, I would like to point our capacity to raise foreign capital and the scalability of Neinor Homes’ business model as a way to increase housing supply in the Spanish housing market.”
Neinor’s 2023-27 strategic plan allocates €1bn to new land investments by 2027, with half of this amount expected to come from new strategic partners.
Jordi Argemí, deputy CEO and CFO of Neinor Homes, said: “With this agreement, and over the past two years, Neinor has already reached a total investment of €750m in land, of which Neinor has invested approximately €50m.
“This compares to a total expected investment target of €1bn over five years and demonstrates our ability to accelerate our strategy of capital-efficient growth and improve returns for our shareholders.”
Pablo Armas, co-founder and director of Ameris, said: “This Neinor Homes-Ameris JV is part of our strategic plan to invest in the Spanish market, hand in hand with the best industrial partners in each market segment where we identify good opportunities.
“This partnership will allow us to contribute to mitigate the significant imbalance between supply and demand in the Spanish residential market. We have a long-term vision, and this joint venture is part of an investment plan in which we will continue to bring capital from Chile to Spain.”
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