Adar Increases Its Stake in Neinor Homes to 27.8%

27 March 2018

The Israeli fund continues to increase its participation in the real estate developer, approaching the 30% limit that would oblige to launch a takeover bid for the full 100%. The developer had recently agreed to give the fund two positions on its board of directors.

Adar Capital is on the verge of a takeover bid for Neinor Homes. The Israeli fund has once again raised its participation to 27.79%, compared to the 26.07% it owned a few days ago, it reported to the National Stock Exchange Commission (CNMV).

The real estate company led by Juan Velayos, which will celebrate one year as a publicly listed company on Thursday, will propose the appointment of two directors on behalf of Adar Capital at a shareholders meeting that will take place on April 18.

Last month, the fund requested a seat on Neinor’s management board after it increased its position in the company from the 5.2% it had at the beginning of last February to the current 27.797%.

Adar increased its holdings in the real estate company and cemented its position as the firm’s principal investor, surpassing Lone Star, the American fund that founded the company.

Original Story: EjePrime

Translation: Richard Turner