Spain

Neinor Homes will distribute €37.5M to its shareholders

Neinor Homes will distribute €37.5M to its shareholders

Neinor Homes will pay a dividend of 37.5 million euros on 31 July. Each share will receive a gross remuneration of 0.5 euros and a net amount of 0.495 euros, which represents a yield of 4%. Furthermore, the last day to trade Neinor shares with dividend rights will be 29 July.

A second payment of 37.5 million euros will be made, also at 0.5 euros per share, scheduled for October or November. Both dividends will be distributed by means of capital reductions with return of contributions, subject to a 1% tax that the company will withhold and pay to the Bizkaia tax authorities.

Neinor Homes has pre-sold 1,173 homes during the first half of the year, marking the best start to the year since 2021. In its BTS segment, the company recorded a 30% increase in pre-sales year-on-year with 836 homes sold, generating more than 300 million euros. This establishes an average selling price of approximately €370,000 per home.

In the BTR segment, Neinor has secured the sale of 337 rental properties to Avalon Properties. In the last 12 months, the company has sold 1,030 build-to-rent homes in six developments, achieving revenues of almost €250 million. These transactions include deals with institutional investors and family offices in Madrid, Guadalajara, Valencia and Malaga.

The developer has a strong pre-sales book that provides visibility on expected deliveries for 2024 and 2025, anticipating a distribution of €325 million in dividends to shareholders (€4.34 per share) over the next two years.

Borja García-Egotxeaga, CEO of Neinor Homes, said: "We expect the macroeconomic environment to maintain the positive trend observed during the first half of 2024. Neinor Homes is in an excellent position to capitalise on this situation and offer very attractive returns to our shareholders, while at the same time contributing to reducing the housing shortage in Spain".

Jordi Argemí, Deputy CEO and CFO, said: "The recent sale of another build-to-rent asset was a key milestone within the framework of our strategic plan as it allows us to bring forward 40% of the expected annual distribution of €200 million, in line with our commitment to accelerate cash flows to shareholders".

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