Investment fund Orion Capital Managers and Neinor Homes have agreed to establish a joint venture to develop 1,097 homes across several Spanish cities, targeting the mid-market residential segment. The project will be built on nine plots currently owned by Aedas Homes, an indirect subsidiary of Neinor, with Orion holding a 90% stake in the new vehicle and Neinor retaining the remaining 10%.
Under the agreement, Aedas Homes will contribute the land and oversee key stages of the development process, including project design, planning and licensing procedures, and construction management. The arrangement places Orion as the majority investor, Neinor as a minority shareholder in the joint venture, and Aedas in charge of the land transfer and development oversight.
The nine plots comprise more than 107,064 sqm of residential buildable area, in addition to space for other facilities. Aedas Homes is expected to sell eight of the plots to the joint venture in December 2026, with the transfer of the remaining asset scheduled for 2027. The companies have not disclosed how the 1,097 homes will be distributed among the different locations.
The transaction has been reported to Spain’s National Securities Market Commission (CNMV) as a related-party operation, reflecting the existing links between the parties. Orion is one of Neinor Homes’ main shareholders, with a 28.8% stake, and has two representatives on its board, Aref H. Lahham and Fanny Kindler. Aedas Homes is also a subsidiary of Neinor, making the new agreement a transaction between related entities.
Alantra advised Neinor Homes on the deal. The partnership establishes a structure through which Orion will provide the majority ownership of the development vehicle, while Neinor retains minority exposure and Aedas contributes the land and its development expertise. The project adds another route for bringing residential land into development, with a focus on Spain’s mid-market housing segment.
