Neinor Homes acquires three plots in Valencia and Tarragona for €22.6m, suitable for c. 34,000 m² and more than 300 units. Company already closed ca. €90m of immediate pipeline announced upon signing bridge financing last week.
The Company closed the acquisition of one land plot in Valencia, which together with the acquisition of two land plots in Tarragona on Tuesday, add c. 34,000 m² and more than 300 units to the Company's fully permitted land bank. These acquisitions take the fully permitted land bank to c. 12,000 units.
These acquisitions have a projected gross margin of c. 28%, well above Company's targets; they were also funded with the JP Morgan bridge financing announced last week; and complete c.90% of the advanced due diligence pipeline the Company when communicating the bridge financing.
Total acquisitions since January now reached €248m, having fulfilled 100% of 2017 and 27% of 2018 targets.
The acquisitions continue to show Neinor Homes anticipation of the recovery in new geographies: strengthening the land bank in the City of Valencia and entering into a new area of Catalonia: Tarragona.
