Neinor Homes has reached an agreement with Merak IMS, a company controlled by funds managed by Bain Capital, to acquire a 10% stake in Promociones Habitat for €31 million. In addition, it has entered into an agreement with Habitat to provide development and management services to both its ongoing projects and its land bank.
At the end of June, Habitat had a land bank with the capacity to develop approximately 8,000 homes. Of this land bank, around 50% is already launched, with some 4,000 homes in various stages of development, of which around 2,200 units are under construction or completed and around 2,000 units are already sold.
As part of the agreement, Neinor will manage a land portfolio that includes approximately 3,500 homes in Madrid, representing 44% of the total. These properties are located in strategic areas such as Berrocales, Ahijones and Valdecarros in the southwest, and Retamar de la Huerta and Brunete in the east of the city.
This agreement positions Neinor to manage the largest residential portfolio in Spain, reaching more than 10,500 active homes, of which more than 6,000 are under construction or completed.
Since the announcement of its Strategic Plan in March 2023, Neinor has intensified its co-investment strategy, reaching €1.2 billion in assets under management in 18 months, significantly exceeding its initial target of €500 million over five years. In addition, it has established agreements with investors such as AXA IM Alts, Orion Capital, Urbanitae, Avenue Capital and Octopus Real Estate, with total investments exceeding €800 million since March 2023.
These partnerships have resulted in the acquisition of five plots with almost 1,700 homes in cities such as Madrid, Barcelona, Malaga and Alicante, with a total investment of approximately €130 million.
In addition, in July 2024, Neinor signed a fifth agreement with Octopus Real Estate to invest €200 million in the Independent Senior Living sector in Spain.