Neinor Homes, the Spanish residential developer which recently listed in Madrid, carried out seven land acquisitions totalling €51.5 mln in the first quarter of 2017.
The latest deal closed on 31 March and provides Neinor with a fully permitted land plot, with almost 7,000 m2 of buildable area suitable for building 54 units, in Valencia, the third-largest city in Spain.
Since January, Neinor Homes has acquired seven fully permitted land plots, located in the autonomous community of Catalonia (Sitges, Girona and Sabadell), Andalusia (Mairena de Aljarafe (Sevilla) and Casares (Malaga)), Madrid and Valencia. The plots will allow the company to build more than 700 units.
Juan Velayos, CEO of Neinor Homes, said, 'This quarter's purchases put the company on track to exceed the acquisition target for the year of €200 mln. We continue to be able to buy cherry-picked land from non-natural owners like banks or companies without development activities.'
Neinor Homes has been developing homes in Spain for 30 years and was acquired by US private equity firm Lone Star from a Spanish bank for €900 mln in 2014. Lone Star listed Neinor's shares on the Spanish continuous market in Madrid on 29 March in the largest-ever IPO for a European residential developer.
Priced at €16.46 per share, the oversubscribed IPO gave Neinor a market capitalisation of €1.3 bn. Lone Star retains a 40% share in the residential developer.
