Spanish residential developer Neinor Homes and investment platform Urbanitae have created a €150 mln joint venture to invest in the Spanish build-to-sell (BTS) sector in the next 18 months.
Neinor will hold a 20% stake in the JV and act as delivery partner manager overseeing project design, licensing, commercialisation and construction. Urbanitae holds an 80% stake.
Borja García-Egotxeaga, Neinor Homes CEO, said: 'We are extremely pleased to have signed this agreement with Urbanitae and we are looking forward to a longstanding and successful partnership.
'Moreover, in a short period of time, we have been able to raise €300 mln for our recently created JV business strengthening Neinor’s investment capacity with a significant firepower to deploy over the coming quarters.
'Meanwhile, the Spanish market has continued to show its strength and resilience consolidating its positioning as one of the safest residential markets worldwide.'
The €300 mln raised by Neinor goes some way to completing its five year target of €500 mln, illustrating a strong appetite to invest in the Spanish market.
Since 2017, Urbanitae has been able to raise €200 mln between equity and debt to finance 141 developments across the Spanish market. Urbanitae aims to reach an investment of €470 mln by 2024 and €900 mln by 2025 in Europe.
Diego Bestard, Urbanitae’s founder and CEO said: 'We are delighted to walk this path with Neinor. From its inception, Urbanitae has had the goal of becoming a serious player in the alternative investing and financing space for real estate developers while at the same time, giving access to institutional-grade investments to small and medium sized investors.
'With over €200 mln funded and +100 developments in our portfolio, we can confidently say we have achieved our goal. This JV with the leading developer in the Spanish market is proof that Urbanitae is a viable investing and financing solution for all types of developers.'
