Neinor Homes has submitted a relevant fact to the CNMV (the Spanish stock regulator) to communicate the closing of a portfolio acquisition of a fully permitted land portfolio in Málaga, valued in EUR 68m, suitable for the development of more than 800 units and with a 27% projected gross margin, well above the Company targets.

This transaction, the first funded with the JP Morgan bridge financing announced last week, has allowed the acquisition of a 90,000 square meters land portfolio, including 6 of the most emblematic land plots in Málaga, located in Colinas del Limonar, a high-end residential area, and in Hacienda Cabello, a residential area close to the University of Málaga, where the Company has currently one development in commercialization.

The Company is working on launching the newly acquired sites to the market in the short term, as well as it is expecting to close ca. EUR 20m of fully permitted land in the following weeks.

As anticipated last week upon signing of the bridge financing, successful launches and closing of acquisitions in September/October could lead to a run rate re-assessment in the short term.

At the same time, Neinor Homes has announced the opening of the Eastern Andalusia Region, managed from the new Malaga office, which will be led by Ignacio Peinado who is joining the Company in the days to come.

In this way, the company imposes its leadership in Málaga residential market, which is mostly oriented to second residence, and where the Company has more than 29 sites for the development of more than 2,300 units.

Indeed, the Company is showing a strong activity in this market, having delivered Las Salinas Homes site in Q2 and with 9 launched developments, of which 4 are in active commercialization.