Orion Capital Management has become the largest shareholder in Spanish housebuilder Neinor Homes after increasing its stake in the business from 15% to 28%.
Orion's current holding, a package of 22.12 million shares, has a market value of €249 mln. It had previously expanded its share in the company to 15.46% in June of this year.
The deal means that Orion overtakes Neinor's previous senior shareholder, Adar Capital Partners, which holds a 27.47% stake in the business. Other shareholders include US bank Goldman Sachs (6.37%), Canada's Bank of Montreal (5.2%) and New York fund King Street Capital (3.92%).
Neinor doubled its revenues year on year to €162 mln in its 2019 H1 results, recording a gross asset value of €1.8 bn.
The business realised the largest ever IPO in the Spanish residential segment in 2017, at the initiative of its former owner, an affiliate of Lone Star funds. Lone Star exited the firm almost a year after its float.
