- Neinor Homes and Ameris have signed an
agreement to co-invest up to €50mn in the Spanish residential
sect
- Both entities acquired a land plot in the
province of Valencia to develop 72 newly built homes for
sale
- With the seventh agreement signed, Neinor
continues to diversify its co-investor base having reached over
€1.1 billion in assets under management, versus an initial
objective of €500mn
Madrid, 27 january 2025
– Neinor Homes (“Neinor”, HOME.SM), the Spanish
leading listed homebuilder, and Ameris Capital (“Ameris”), one of
Chile's leading fund managers specializing in alternative assets
such as real estate, credit, infrastructure, private equity and
impact investing, managing c.$2,000mn across more than five
countries, have signed an agreement to create a joint venture (JV)
aimed at developing residential homes for sale, with a land
investment target of up to €50mn. Neinor will act as the industrial
partner and oversee the design, marketing, licensing, financing,
and construction works of the project.
At the end of 2024, Neinor and Ameris acquired a
land plot in the municipality of Paterna (Valencia) and expect to
invest more than €15mn to develop 72 newly built homes. In this
investment, Neinor will hold a 27% stake, while Ameris owns the
remaining 73%.
The asset is fully permitted and is located in a
residential area, just 15 minutes by car from the center of
Valencia. It is a highly consolidated area with all essential
services available, such as schools, shopping centers, sports
facilities and medical facilities. Given its location, the land
plot has not been affected by the DANA storm. The asset is expected
to begin marketing during the first half of 2025, with delivery
scheduled for the end of 2027.
Neinor’s new Strategic Plan sets a goal
of investing €1bn in new land acquisitions by 2027As part
of its Strategic Plan (2023-27), Neinor plans to allocate €1bn to
new land investments by 2027. Half of this amount, €500mn, is
expected to be committed by new strategic partners, enabling Neinor
to pursue its equity efficient growth strategy.
Since June 2023, Neinor has signed six
build-to-sell (BTS) agreements with renowned investors such as AXA
IM Alts, Orion Capital, Urbanitae, Avenue Capital, Bain Capital,
and now Ameris, raising nearly €1bn through these partnerships. Of
this amount, approximately 75% has already been deployed in a
portfolio to build almost 7,000 newly built homes in the coming
years.
In July 2024, Neinor signed a fourth agreement
with Octopus Real Estate to invest €200mn in the independent senior
living segment
Borja García-Egotxeaga, CEO of Neinor
Homes, commented: "I would like to highlight two aspects
of this transaction. First, it is another demonstration of the
growth potential of our joint-venture platform, through which we
enhance returns for our shareholders. Second, I would like to point
our capacity to raise foreign capital and the scalability of Neinor
Homes’ business model as a way to increase housing supply in the
Spanish housing market."
Jordi Argemí, Deputy CEO and CFO of
Neinor Homes, added: "With this agreement, and over the
past two years, Neinor has already reached a total investment of
€750mn in land, of which Neinor has invested approximately €50mn.
This compares to a total expected investment target of €1bn over
five years and demonstrates our ability to accelerate our strategy
of capital-efficient growth and improve returns for our
shareholders."
Pablo Armas co-founder and director of
Ameris: “This Neinor Homes - Ameris JV is part of our
strategic plan to invest in the Spanish market, hand in hand with
the best industrial partners in each market segment where we
identify good opportunities. This partnership will allow us to
contribute to mitigate the significant imbalance between supply and
demand in the Spanish residential market. We have a long-term
vision, and this JV is part of an investment plan in which we will
continue to bring capital from Chile to Spain”.
* For the full regulatory announcement please refer to Neinor’s
webpage
(https://www.neinorhomes.com/en/accionistas-inversores/regulatory-announcements).
-ENDS-
About Neinor Homes
Neinor Homes is the leading residential property
developer in Spain, with a land bank to develop c12,000 homes, and
a GAV to June 2024 of €1.5bn. This land bank is located in some of
the fastest growing regions with the best economic fundamentals in
Spain: Madrid, Western and Eastern Andalusia, Levante, Basque
Country and Catalonia.
Neinor is a fully integrated and
well-established residential platform of scale in Spain, covering
the entire development value chain from land buying, planning and
urban management, product design, delegated development and
construction, sales and marketing and rentals. We are committed to
creating and delivering attractive risk adjusted returns for
shareholders through our disciplined capital allocation strategy
and our excellence in operations and risk management.
We are the only listed residential property
developer with a multi-sector strategy to market in Spain, and our
strategies include Build-to-rent (BTR); Build-to-sell (BTS); and
the largely untapped senior living rental market in Spain, which we
are progressing.
Neinor’s operational excellence, investment
strategy and results achieved since 2019 have enabled us to deliver
on our 5-year business plan, launched in March 2023, in a
sustainable and capital-efficient manner. This plan combines a €600
million shareholder remuneration plan and an investment of €1
billion in new opportunistic land acquisitions, half of which are
expected to be undertaken in joint ventures with strategic partners
through co-investment agreements, with a +20% IRR target.
We offer shareholders attractive risk adjusted
returns in a country where there are strong and sustainable supply
and demand fundamentals and supported by a resilient macroeconomic
environment and outlook. Spain remains one the most attractive and
safest residential markets worldwide, with one of the lowest ratios
of new supply per capita globally since 2007.
About Ameris Capital
Ameris is a Chilean alternative asset manager
specialising in real estate asset management, credit,
infrastructure, private equity and impact investment, with
investments in Chile, Mexico, the United States, Peru, Colombia and
Spain. Founded in 2008, since 2014 it has developed an
internationalisation plan that has led it to invest in Spain with a
focus on real estate and credit assets. It manages capital from
Chilean investors totalling close to US$2,000 million.
For more information:
NEINOR HOMESInvestor Relations
Departmentinvestor.relations@neinorhomes.com
LLYCElena Torres
Quilisetorres@llyc.globalIrene Osuna
Díeziosuna@llyc.global
H/ADVISORS
MAITLANDNeinorHomes@h-advisors.globalDavid Sturken +44
7990 595 913James Benjamin +44 7747 113 930Billy Moran +44 7554 912
008
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