Spanish residential property developer Neinor Homes is acquiring listed peer Aedas Homes in a €1.1bn deal.
Neinor said Castlelake, which owns a 79% stake in Aedas, has agreed to the €24.485 per share offer.
After deducting the €136m in dividends recently declared by Aedas, the effective acquisition price per share is €21.335. As part of the transaction, Neinor said it will inject €1.25bn into Aedas.
The capital injection involves €500m in equity in the form of €275m cash and a €225m capital raise underwritten by Neinor’s main shareholders: Orion, Stoneshield and Adar; and a €750m injection from senior secured notes fully subscribed by Apollo-managed funds.
Neinor said the capital from the notes will be used to finance the takeover and to partially refinance existing corporate debt of Aedas and its group.
Neinor Homes said the acquisition adds a portfolio with a gross asset value of €2bn to its portfolio. Neinor Homes holds a land bank capable of developing 12,000 homes and had a gross asset value of €1.5bn as of December 2024.
Borja García-Egotxeaga, CEO of Neinor Homes, said: “This is a once-in-a-cycle opportunity to reshape the Spanish residential market. The combination of two best-in-class platforms comes at a pivotal moment - capitalising on optimal market conditions and positioning Neinor as the go-to platform for institutional investors - both private and public, seeking exposure to the strong fundamentals of Spain’s housing sector.
“With enhanced scale, geographic reach, and product depth, this transaction firmly establishes our leadership across all key segments of the market. But this deal is not just about size and scale - it is also highly accretive, with earnings per share expected to grow by 25% through 2027, underscoring the compelling value creation for our shareholders.”
Jordi Argemi, deputy CEO and CFO of Neinor Homes, said: “This is pure value creation. We’ve acquired over €3bn in high-quality assets at attractive prices across three landmark M&A deals - Quabit, Habitat and now Aedas.
“This transaction alone adds €450m in earnings potential, is fully funded, and delivers a more than 20% internal rate or retur. It’s a textbook case of disciplined, accretive growth -and a clear proof point of what this team can execute across the cycle.”
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