Neinor Homes and Stoneshield Capital have formed a joint venture to develop a residential project in Marbella with an investment of €150 million, according to statements from both companies. The project involves the development of 262 homes and marks Neinor Asset Management’s entry into the high-end residential sector.
Stoneshield Capital will hold a 70% stake in the company, with Neinor holding the remaining 30%, contributing the asset from its balance sheet. The project will have a total floor area of over 60,000 sqm and will be located next to the Río Real golf course, close to the beach, the centre of Marbella and Puerto Banús.
The development will also incorporate a private club spanning over 1,200 sqm featuring a spa, wellness areas, indoor and outdoor swimming pools, sports facilities, restaurants, panoramic terraces, a cinema and landscaped gardens. Furthermore, the companies estimate that the development will generate around 1,000 direct and indirect jobs.
According to their forecasts, the project is expected to generate over €600 million in sales over the next five years. The transaction forms part of the growth strategy of Neinor’s asset management platform, which has €1.3 billion in assets under management.
The developer notes that, through its delegated development model, it currently manages around 14,000 homes across various partnerships, spanning segments such as build-to-sell, affordable build-to-rent, alternative living and, now, high-end residential. This platform includes investors such as AXA IM Alts, Orion Capital, King Street and Bain Capital.
Borja García-Egotxeaga, CEO of Neinor Homes, frames the partnership within the company’s ability to structure transactions with third parties and highlights Spain’s appeal for capital allocation in the current international context. For his part, Jordi Argemí, Deputy CEO and CFO of Neinor Homes, notes that the Spanish residential market continues to offer risk-adjusted returns and emphasises that the co-investment structure aligns the interests of both parties throughout the process.
From Stoneshield Capital, founding partner Juan Pepa states that Marbella maintains a solid position within the European residential market, whilst Felipe Morenés, also a founding partner of the firm, highlights Neinor’s ability to manage all phases of development in an integrated manner, from land acquisition to final handover.
