Neinor Homes closed last Friday afternoon the acquisition of a fully-permitted land plot in Valencia, with almost 7,000
m²
of buildable area suitable for building 54 units, thus taking the total acquisitions during the first quarter of the year to €51.5m.
With Friday’s acquisition Neinor Homes, steps strongly into the Comunidad Valenciana, where the Company already owned an asset in San Juan (Alicante), suitable for the development of 154 units. Valencia presents the market characteristics sought by Neinor: structural undersupply, lack of competition, positive population evolution and unsatisfied demand; the Company is pursuing further opportunities in the city and planning the set-up of a local office.
Since January, Neinor Homes has acquired seven fully-permitted land plots, located in the autonomous community of Catalonia (Sitges, Girona and Sabadell), Andalusia Mairena de Aljarafe (Sevilla) and Casares (Malaga), Madrid and Valencia. The 7 plots acquired will allow the Company to build more than 700 units. Each and every acquisition is accretive to the Company’s targets in terms of future development margin, and follows rigorous legal, technical and commercial due diligence.
Juan Velayos, CEO of Neinor Homes, noted that “this quarter’s purchases put the company on track to exceed the year’s acquisition target of €200m and, that we continue to be able to buy cherry-picked land from non-natural owners like banks or companies without development activity”.
Neinor Homes, which went public last Wednesday the 29th of March with ticker-symbol HOME, will present Q1 results on April 26th at 18.45 CET.
