Neinor Homes , the leading Spanish residential developer with over 30 years of track record in building quality and sustainable assets, has sold Sky Homes to Savills Investment Management (“Savills IM”), the international real estate investment manager for c.€66mn. In this transaction, Savills Capital Markets Living Team acted as an advisor to the seller. Furthermore, as part of the agreement, Neinor will continue to manage the asset through its asset management subsidiary, Renta Garantizada.

The indirect sale of the two properties located in Valencia has a total of 209 apartments and 4 retail units. This development is part of a bigger scheme where Neinor has successfully sold more than 200 units in its core build-to-sell business.

Completed in November 2022, the two properties are part of the four residential towers that make up Sky Homes, a highly sustainable and modern standing residential asset located in the Malilla neighbourhood of Valencia. The development offers comprehensive amenities, including a swimming pool, coworking space and playgrounds. The site is adjacent to La Fe Hospital, the largest and most reputable hospital in the Valencia region, and within close proximity to a large shopping/entertainment centre, university, socio-cultural centre and two private health centres. 

The asset was developed with sustainable building standards in mind and has been awarded a BREEAM® “Good” Certificate, with plans to upgrade this to an ‘Excellent’ rating in the future. It has also been assigned an EPC A label, a great achievement considering Spain has one of the most restrictive EPC rating systems for multifamily housing in Europe. Other sustainable building characteristics include aerothermal heat pumps in each unit, and electric vehicle chargers soon to be installed along with bicycle racks in the underground parking garage. 

Since the beginning of the year Neinor has successfully sold 3 BTR developments with a total of 452 units for more than €100mn to both institutional investors and family offices – Hacienda Homes (146#), Lyra (93#) and Sky Homes (213#), which represent c.20% of Neinor’s total BTR portfolio. Unlocking and crystallizing this value to shareholders is a centrepiece of the €600mn shareholder remuneration programme communicated to capital markets back in March 2023. With this sale the company has already surpassed its targets for the full year while it continues in advanced negotiations for the sale of other BTR buildings.