Neinor Homes and Orion Capital Managers agree to setup a €50mn build-to-sell Joint-Venture

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 create a joint-venture to invest in the Spanish build-to-sell (BTS) segment.

Orion will hold 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. As part of the agreement Neinor and Orion have already agreed to acquire two land plots for €20mn to build more than 150 new homes.

Orion 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 to Neinor.

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 acquisitions. 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.