Neinor Homes and Ameris have signed an agreement to co-invest up to €50mn in the Spanish residential sect
Both entities acquired a land plot in the province of Valencia to develop 72 newly built homes for sale
With the seventh agreement signed, Neinor continues to diversify its co-investor base having reached over €1.1 billion in assets under management, versus an initial objective of €500mn
Madrid, 27 january 2025 – Neinor Homes (“Neinor”, HOME.SM), the Spanish leading listed homebuilder, and Ameris Capital (“Ameris”), one of Chile's leading fund managers specializing in alternative assets such as real estate, credit, infrastructure, private equity and impact investing, managing c.$2,000mn across more than five countries, have signed an agreement to create a joint venture (JV) aimed at developing residential homes for sale, with a land investment target of up to €50mn. Neinor will act as the industrial partner and oversee the design, marketing, licensing, financing, and construction works of the project.
At the end of 2024, Neinor and Ameris acquired a land plot in the municipality of Paterna (Valencia) and expect to invest more than €15mn to develop 72 newly built homes. In this investment, Neinor will hold a 27% stake, while Ameris owns the remaining 73%.
The asset is fully permitted and is located in a residential area, just 15 minutes by car from the center of Valencia. It is a highly consolidated area with all essential services available, such as schools, shopping centers, sports facilities and medical facilities. Given its location, the land plot has not been affected by the DANA storm. The asset is expected to begin marketing during the first half of 2025, with delivery scheduled for the end of 2027.
Neinor’s new Strategic Plan sets a goal of investing €1bn in new land acquisitions by 2027 As part of its Strategic Plan (2023-27), Neinor plans to allocate €1bn to new land investments by 2027. Half of this amount, €500mn, is expected to be committed by new strategic partners, enabling Neinor to pursue its equity efficient growth strategy.
Since June 2023, Neinor has signed six build-to-sell (BTS) agreements with renowned investors such as AXA IM Alts, Orion Capital, Urbanitae, Avenue Capital, Bain Capital, and now Ameris, raising nearly €1bn through these partnerships. Of this amount, approximately 75% has already been deployed in a portfolio to build almost 7,000 newly built homes in the coming years.
In July 2024, Neinor signed a fourth agreement with Octopus Real Estate to invest €200mn in the independent senior living segment
Borja García-Egotxeaga, CEO of Neinor Homes, commented: "I would like to highlight two aspects of this transaction. First, it is another demonstration of the growth potential of our joint-venture platform, through which we enhance returns for our shareholders. Second, I would like to point our capacity to raise foreign capital and the scalability of Neinor Homes’ business model as a way to increase housing supply in the Spanish housing market."
Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: "With this agreement, and over the past two years, Neinor has already reached a total investment of €750mn in land, of which Neinor has invested approximately €50mn. This compares to a total expected investment target of €1bn over five years and demonstrates our ability to accelerate our strategy of capital-efficient growth and improve returns for our shareholders."
Pablo Armas co-founder and director of Ameris: “This Neinor Homes - Ameris JV is part of our strategic plan to invest in the Spanish market, hand in hand with the best industrial partners in each market segment where we identify good opportunities. This partnership will allow us to contribute to mitigate the significant imbalance between supply and demand in the Spanish residential market. We have a long-term vision, and this JV is part of an investment plan in which we will continue to bring capital from Chile to Spain”.
Neinor Homes is the leading residential property developer in Spain, with a land bank to develop c12,000 homes, and a GAV to June 2024 of €1.5bn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Western and Eastern Andalusia, Levante, Basque Country and Catalonia.
Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management.
We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing.
Neinor’s operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600 million shareholder remuneration plan and an investment of €1 billion in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target.
We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2007.
About Ameris Capital
Ameris is a Chilean alternative asset manager specialising in real estate asset management, credit, infrastructure, private equity and impact investment, with investments in Chile, Mexico, the United States, Peru, Colombia and Spain. Founded in 2008, since 2014 it has developed an internationalisation plan that has led it to invest in Spain with a focus on real estate and credit assets. It manages capital from Chilean investors totalling close to US$2,000 million.
