Neinor Homes (Neinor) and AXA IM Alts have, through a joint venture (JV) acquired a land plot located in the city of Madrid with planning approval to deliver approximately 250 build-to-sell housing units in two 17-storey buildings.
AXA IM Alts owns a 90% stake in the JV, with Neinor holding the remaining 10% and acting as delivery partner manager overseeing the project design, licensing, commercialization, and construction. AXA IM Alts and Neinor will continue to explore additional opportunities for investment and development in the Spanish residential market in the coming months. Alantra acted as the sole financial adviser of the JV.
Borja García-Egotxeaga, Neinor Homes’ CEO comments that “The Spanish residential market is currently positioned as one of the residential markets worldwide with the lowest ‘beta’ as it has a significant imbalance between demand and supply while leverage is extremely reduced for households, banks and developers. Neinor recently launched its co-investment business and is very well positioned to take advantage of the growth opportunities we envisage for the Spanish market in a capital-efficient manner”.
Mario Lapiedra, Neinor Homes’ CIO, commented that “This announcement is a very important milestone in the execution of the recently announced business plan. In a short period of time, we were able to launch this vehicle with one of the most prominent institutional investors worldwide, laying the foundations for Neinor’s co-investment business and equity-efficient growth strategy. In the coming months, we expect to announce other agreements with renowned partners in both build-to-sell and senior living segments.”
