Neinor Homes, the Spanish residential developer which recently listed in Madrid, has acquired a €68.5 mln fully permitted portfolio in Madrid and the Costa del Sol for the development of 650 units.
The acquired land plots are located in Las Rozas (Madrid) and Estepona (Malaga) and have a buildable area of around 70,000 m2.
'This transaction shows that the company keeps acquiring prime land in very competitive geographies such as Madrid, at or above the target margins,' commented Juan Velayos, CEO of Neinor Homes. 'In volumes, that puts this year’s €200 mln target within reach.'
The deal follows the company's recent acquisition of land in Valencia, bringing the total acquired so far this year to €147.1 mln.
'With three quarters of the work done by June, the team will continue to seek for accretive acquisitions to add to our prime land bank,' concluded Velayos.
