MADRID, September 12, 2024 - Neinor Homes, the leading listed residential property developer in Spain, has completed the sale of a build-to-rent (BTR) scheme in Madrid, Spain, to real estate asset manager Round Hill Capital for €29 million. Savills acted as Neinor's advisor in the transaction.

The BTR scheme, known as Parla Homes, is split across three buildings with a total of 147 homes of two- and three-bedrooms and has a built area of 16,000 m2. The scheme is well-located in Parla, and only a 30-minute drive from Madrid’s city centre.

Neinor continues to crystallise the value of its build-to-rent portfolio

Since the presentation of its Strategic Plan in March 2023, Neinor has sold at attractive margins a total of seven BTR assets, comprising 1,177 housing units. These sales have generated revenues of approximately €275 million from Neinor closing deals with institutional investors in the provinces of Madrid, Guadalajara, Valencia, and Málaga, which include the following developments:

Specifically, the developer has sold the following developments: Hacienda Homes (146#) to Kygal; Sky Homes (213#) to Savills IM; Europa Homes (146#) to Harrison Street and DeA Capital; Dual Homes (94#) to CBRE IM; Alovera Homes (337#) to Avalon Properties and Parla Homes (147#) to Round Hill.

Neinor moves forward with its shareholder remuneration plan, offering the highest dividend yield of the IBEX35 and the Eurostoxx 600 in 2024-25

Within Neinor’s Strategic Plan, one of the main parts is shareholder remuneration, where Neinor is targeting the distribute of €600mn by 2027. In the first year of its business plan, Neinor has distributed a total of €125mn, and in 2024-25, it plans to distribute an additional €325mn (€4.34 per share), which represents the highest dividend yield (c.30%) of the IBEX35 and the Eurostoxx 600.

Strong sales momentum continues in the third quarter

So far this year, Neinor has sold more than 1,600 homes for over 500 million euros. Thanks to this sales performance in both build-to-sell and build-to-rent segments, the visibility for the 2024-25 fiscal years continues to improve, while the company increases sales prices with the goal of optimizing business margins.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “Until the end of August and including the BTR disposals, we have sold more than 1,600# housing units, our strongest start to a year since 2021. Our built-to-sell business is also growing very strongly with year-over-year growth of 30%.”

Jordi Argemí, Deputy CEO and CFO, stated: “With this BTR disposal, we have achieved a total of €90 million in asset sales, with Neinor well-positioned to meet our target of distributing €200 million to shareholders in 2024. In the context of our Strategic Plan (2023-27), with this sale we have already delivered on 75% of our asset disposal target.”