Neinor Homes, the leading Spanish residential developer, and AXA IM Alts, a global leader in alternative investments with €185 billion of assets under management, have, through a joint-venture (JV) acquired a land plot located in the city of Madrid with planning approval to deliver approximately 250 build-to-sell housing units in two 17-storey buildings.

AXA IM Alts owns a 90% stake in the JV, with Neinor holding the remaining 10% and acting as delivery partner manager overseeing the project design, licensing, commercialization, and construction. AXA IM Alts and Neinor will continue to explore additional opportunities for investment and development in the Spanish residential market in the coming months. Alantra acted as sole financial adviser of the JV.

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 invest c.€1bn in new land acquisitions of which half are expected to come from new equity partners.