Neinor Homes, the Spanish residential developer which listed this summer in Madrid, has purchased a portfolio of development plots in Málaga for €68 mln.
The six sites are located in Colinas del Limonar, a high-end residential area focused mainly on Spanish buyers and in Hacienda Cabello, a residential area close to the University of Málaga, where the company currently has one development. The company plans to develop 800 units in total with a projected gross margin of 27%.
Neinor said it was working on launching the newly acquired sites to the market in the short term, and was also expecting to close on around €20 mln of fully permitted land in the following weeks.
The acquisition will be the first to be funded with the JP Morgan bridge financing recently announced by the housebuilder.
Neinor's total acquisitions since January have now reached €226 mln. It has a total of 29 sites in Málaga supporting the development of more than 2,300 units.
The company also announced the opening of the Eastern Andalusia Region, managed from the new Málaga office, which will be led by recent hire Ignacio Peinado.
