Neinor Homes closed yesterday the acquisition of a fully-permitted portfolio of land located in Las Rozas (Madrid) and Estepona (Malaga) for a total sum of €68.5m.
The portfolio consists of land located in Las Rozas de Madrid suitable for building over 300 units and more than 40,000 m², as well as in Estepona (Malaga), suitable for developing over 300 units and over 30,000 m². The acquisition further increases the depth of the Company’s prime land bank in Madrid and in Costa del Sol.
Added to the acquisition in Valencia announced last Friday, the investment in land during Q2 amounts to €95.5m, with the total acquired since January reaching €147.1m, representing 74% of the company’s annual acquisition target.
Juan Velayos, CEO of Neinor Homes, stressed that “this transaction shows that the Company keeps acquiring prime land in very competitive geographies as Madrid, at or above the target margins, and in volumes that put this year’s €200m target within reach. With three quarters of the work done by June, the team will continue to seek for accretive acquisitions to add to our prime land bank”.
