Neinor Homes (Neinor) and Santander Alternative Investments, the alternative asset management platform from Santander bank, alternative investment arm of Banco Santander (Santander) have reached an agreement to create a joint venture (JV) to develop 160 ‘flex living’ apartments with a total investment expected of more than €60m. Neinor will hold a 10% stake in the JV by contributing the land plot to be developed, while Santander will hold the remaining 90% stake. Savills and Colliers have acted as investment and commercial advisors to Neinor and Santander in the deal, while Perez Llorca and CMS Albinana acted as legal advisors.
The asset is located in the municipality of Madrid close to the A-2 highway in the Las Mercedes neighbourhood just 10 minutes from the Barajas International Airport and 15 minutes from the city centre of Madrid. It will comprise 160 one-bedroom apartments with a total GLA of 9,500m2. The development is scheduled to be delivered in 2028.
Borja García-Egotxeaga, Neinor Homes CEO, commented: “We are extremely proud that one of the largest financial institutions worldwide has trusted Neinor Homes as an industrial partner to develop much needed housing supply in the Spanish market. Furthermore, I would like to add that we will continue to work alongside Santander to grow this partnership in the coming years.”
Jordi Argemi, Neinor Homes’ Deputy CEO and Chief Financial Officer commented that: "The emerging living asset classes represent a huge opportunity for Neinor Homes to continue to grow our platform in the coming years. Thanks to Neinor’s joint venture model, where we take minority stakes and act as development partners, we can approach these opportunities in an asset-light manner and generate attractive returns to both our shareholders and co-investors.”
Image source - Pexels.
Europe Real Estate — an overview of real estate developments in European countries.
