Five Spanish banks are investing a total of €325 mln in real estate developer Neinor Homes in one of the biggest funding deals in Spain since the financial crisis.
Kutxabank, Banco Sabadell, Banco Santander, Bankinter and CaixaBank have signed bilateral agreements with the developer, which will be supplemented by future commitments of loans to developers worth nearly €400 mln,
Neinor said the transaction represented a tipping point in the Spanish market's recovery and showed the renewed willingness of entities to finance residential development projects as the cycle moves into a new stage.
In a statement, the company said: 'With the support of its financial partners, Neinor Homes aims to further strengthen its leadership in the new Spanish residential development sector, which means continuing the implementation of its aggressive plan of acquisition of land and launching new developments.'
