Neinor Homes, the leading Spanish residential developer, and Orion Capital Managers via its sponsored Orion European Real Estate Fund V, and Neinor’s largest shareholder with a 27% stake, have agreed to acquire the first two land plots for its Spanish build-to-sell (BTS) joint venture (JV) where Orion holds a 90% stake on this vehicle while Neinor owns the remaining 10%.

Neinor and Orion acquired two fully permitted land plots located in highly consolidated areas of the provinces of Barcelona and Alicante to build 153 new homes for sale. These developments are scheduled to be launched immediately and delivery is expected to take place between the years 2026 and 2027. As part of the agreement Neinor will act as delivery partner manager overseeing the project design, licensing, commercialization, and construction.

Altogether these acquisitions represent 30% of the target investment committed (€50mn) and both parties are currently analysing additional opportunities that we expect to close in the coming months.

The co-investment strategy plays a key role within the business plan announced in March 2023 as Neinor puts a greater emphasis on its balance sheet optimization while pursuing equity-efficient growth. Between 2023 and 2027, Neinor expects to deploy c.€1bn in new land acquisitions of which half are expected to come from new equity partners.