Spanish listed residential property developer Neinor Homes has completed the sale of a build-to-rent (BTR) scheme in Madrid, Spain, to real estate asset manager Round Hill Capital for €29 mln.
The BTR scheme, known as Parla Homes, is split across three buildings with a total of 147 homes of two- and three-bedrooms and has a built area of 16,000 m2. The scheme is well-located in Parla, and only a 30-minute drive from Madrid’s city centre.
Savills acted as Neinor's advisor in the transaction.
Since the presentation of its Strategic Plan in March 2023, Neinor has sold at attractive margins a total of seven BTR assets, comprising 1,177 housing units. These sales have generated revenues of €275 mln from Neinor closing deals with institutional investors in the provinces of Madrid, Guadalajara, Valencia, and Málaga.
Neinor is targeting the distribution of €600 mln by 2027. In the first year of its business plan, Neinor has distributed a total of €125 mln, and in 2024-25, the Group plans to distribute an additional €325 mln (€4.34 per share), which represents the highest dividend yield (c.30%) of the IBEX35 and the Eurostoxx 600.
So far this year, Neinor has sold more than 1,600 homes for over €500 mln.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: 'Until the end of August and including the BTR disposals, we have sold more than 1,600 housing units, our strongest start to a year since 2021. Our build-to-sell business is also growing very strongly with year-on-year growth of 30%.'
Jordi Argemí, Deputy CEO and CFO, stated: 'With this BTR disposal, we have achieved a total of €90 million in asset sales, with Neinor well-positioned to meet our target of distributing €200 million to shareholders in 2024. In the context of our Strategic Plan (2023-27), with this sale we have already delivered on 75% of our asset disposal target.'
