Spain’s leading listed developer Neinor Homes draws €1.2bn investor demand, boosting free float and backing bold growth vision in undersupplied housing market
Neinor Homes has secured €225m in gross proceeds through an accelerated bookbuild (ABB) to fund its tender offer for 100% of AEDAS Homes, a high-impact acquisition aimed at reshaping the Spanish residential market. The equity raise, backed by €1.2bn in orders and 6x oversubscribed, marks one of the most successful capital markets transactions in the sector this year.
The €15.25 per share pricing of the 14,993,750 new ordinary shares represents a +10% premium to Neinor’s pre-announcement valuation on 16 June 2025. Following admission to trading on the BME on 26 June and official listing on 27 June, the company’s total shares outstanding will rise to 89,962,501. Neinor’s top three shareholders, Orion Capital, Stoneshield and ADAR, will jointly control around 60% of the company, with the free float increasing to approximately €600m, enhancing liquidity and visibility.
With the combined platform targeting a +20% internal rate of return (IRR) and a 1.8x multiple on invested capital (MOIC), this acquisition places Neinor in a position to double profits within five years while only increasing its share count by 20%. Investors and developers alike are taking note of the scale potential: the merged entity will control a development pipeline spanning over 1.2m m² across Spain’s most supply-constrained residential zones.
“This transaction is a breakout moment for Neinor,” said Borja García-Egotxeaga, CEO of Neinor Homes. “It’s not just validation of our strategy, it’s fuel to accelerate it… Spain’s residential sector is structurally underbuilt, and Neinor sits at the centre of that momentum.”
Strategically, this move will allow Neinor to consolidate its position in urban hubs such as Madrid, Málaga, and Valencia, where land scarcity, increasing household formation and rising rents are creating long-term demand for new-build housing. For developers, the vertically integrated model of the combined group offers access to scale-driven cost advantages, deeper planning expertise, and enhanced risk-adjusted returns.
“We expect to roughly double our profits over the next five years while increasing the share count by just 20%,” added Jordi Argemí, Deputy CEO and CFO. “With this step, we are not only funding a strategic acquisition, we are creating one of Europe’s leading real estate platforms.”
The deal was led by Banco Santander and J.P. Morgan as Joint Global Coordinators, with Citi, Société Générale and Crédit Agricole CIB as Joint Bookrunners. Alantra acted as Co-lead Manager.
People mentioned:
Borja García-Egotxeaga, CEO, Neinor Homes
Jordi Argemí, Deputy CEO and CFO, Neinor Homes
Companies mentioned:
Neinor Homes – Listed residential property developer, Spain
AEDAS Homes – Residential developer, Spain
[Orion Capital] – Shareholder, Neinor Homes
[Stoneshield] – Shareholder, Neinor Homes
[ADAR] – Shareholder, Neinor Homes
Banco Santander – Joint Global Coordinator
J.P. Morgan – Joint Global Coordinator
Citi – Joint Bookrunner
Société Générale – Joint Bookrunner
Crédit Agricole CIB – Joint Bookrunner
Alantra – Co-lead Manager
Image Source: Neinor
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