Spain: Neinor Homes has sold five BTR assets totalling 251 homes for around €50 million.
Neinor, a listed residential developer, completed the sale of two build-to-rent (BTR) projects in the provinces of Guadalajara and Seville to real estate asset manager Round Hill Capital. These BTR schemes have finished construction works during 2024 and are fully operational.
Additionally, Neinor has reached an agreement to sell three rental buildings, comprising 128 housing units, located in the provinces of Malaga, Alicante and Valencia to 1810 Capital. The assets belonged to the Sardes Portfolio that was acquired by Neinor in early 2021. As part of the agreement, Neinor will continue to manage and operate these buildings under its rental opco Renta Garantizada.
Savills advised Neinor on both deals, which Seiner says reflect the appetite for rental housing in Spain and underscores the successful execution of Neinor’s BTR monetisation strategy
Since the launch of its strategic plan, Neinor has sold 11 rental assets to institutional investors, comprising 1,334 housing units located in the provinces of Madrid, Guadalajara, Valencia, Seville, Alicante and Málaga. These sales have generated around €325 million with gross development margins of 24 per cent. Specifically, Neinor sold the following developments:
Borja García-Egotxeaga, CEO of Neinor Homes, said: “Looking back I am pleased to note that our strategy with a mix between build-to-sell and to-rent disposals has been extremely successful to crystallise the value of Neinor’s BTR portfolio, while protecting business margins, accelerating cash flows and optimising our balance sheet. These disposals have played a critical role to fund Neinor’s €600 million shareholder remuneration target. Year-to-date we have already distributed around €125 million in Q1 25 and, more recently, we approved another €31 million payable this week.”
Jordi Argemí, deputy CEO and CFO, added: “From a business standpoint nothing has changed in the sector fundamentals as we continue to benefit from accumulated housing demand, lack of supply while financing conditions for homebuyers continue to improve. The margin outlook for FY25/26 continues to improve as we benefit from a solid forward sales position to maximise selling prices. Although gross margins in FY23/24 have been amongst the highest in our history, we are optimistic for upcoming years.”
Highlights:
• Neinor Homes has sold five BTR assets totalling 251 homes for around €50 million
• The buyers are Round Hill Capital (two schemes) and 1810 Capital (three)
• Since the launch of its strategic plan, Neinor has sold 11 rental assets to institutional investors, comprising 1,334 housing units
