Neinor Homes has announced its next big move: the acquisition of a 10% stake in Promociones Habitat from Bain Capital, with plans to manage all of its assets.
According to a statement sent to the Spanish Securities and Exchange Commission (CNMV), Neinor Homes will not only acquire part of Habitat, but will also take over its entire operations. As confirmed by El Confidencial, this includes the management of its portfolio, as well as its human and technical resources. A Head of Terms has already been signed between both parties, initiating a period of exclusivity and successfully completing the Due Diligence process. The terms of the necessary documentation are currently being finalised.
Furthermore, the press release underlines that any further developments related to this agreement will be disclosed to the market in accordance with applicable regulations. This announcement is in line with Neinor Homes' 2023-2027 Strategic Plan, presented earlier this year, where the firm committed to a €1 billion investment in the sector, with €500 million earmarked for co-investments.
Recently, Neinor Homes, which will mark a significant transaction in Spain's real estate landscape with this acquisition, also confirmed another collaboration with Octopus Real Estate for the development of senior living homes, with an initial investment of €200 million in the first phase.
In financial terms, Habitat Inmobiliaria closed 2023 with a 35% increase in net profit, reaching 19.3 million euros, and a 43% increase in annual turnover, totalling 291 million euros. Its EBITDA soared 88%, reaching 23.7 million euros, and the company reported close to 2,000 pre-sales, valued at approximately 600 million euros, positioning itself as one of the firms with the largest national land bank and the capacity to develop more than 10,000 homes in the coming years.