Spanish residential developer Neinor Homes has agreed to sell an affordable housing project in Barcelona for €45m.
The listed firm said it has agreed the forward sale of the turnkey affordable housing development in Esplugues de Llobregat.
The deal involves the future delivery of a subsidised residential building as part of the larger ARE Montesa regeneration project.
Neinor will manage the entire design and construction of the building, which is slated for delivery in 2027, before handing it over to the buyers.
Borja García-Egotxeaga, CEO of Neinor Homes, said: “ARE Montesa is a prime example of how we create long-term value by regenerating brownfield land into high-quality residential neighbourhoods. This site, once an industrial enclave in the heart of the Barcelona metropolitan area, is being transformed by Neinor into a vibrant community with homes for more than 1,000 families.
“Through our leadership in urban planning and infrastructure works, we’re not only increasing much-needed housing supply — we’re also helping build a better place to live.”
Jordi Argemí, deputy CEO and CFO of Neinor Homes, said: “This transaction is part of Neinor’s broader asset rotation strategy, which is key to enhancing balance sheet efficiency.
“By forward-selling this project, we make our capital structure more agile, improve earnings visibility and ultimately drive a higher return on equity. It reflects our disciplined approach to capital allocation while continuing to support Spain’s affordable housing goals.”
To read the latest IPE Real Assets magazine click here.
