Aedas Homes Prepares Its Stock Market Debut For October

28 April 2017 – Expansión

Aedas Homes wants to follow in the footsteps of its rival Neinor and debut on the stock market. The residential property developer controlled by the US fund Castlelake has engaged Goldman Sachs and the law firm Linklaters to prepare its debut on the stock market and whereby benefit from the good times that the residential market is currently enjoying in Spain, as well as from the confidence that international investors are placing in the real estate sector, according to market sources.

The same sources indicate that, although the operation is still in a preliminary, evaluation, phase, the objective of the new property developer, which only commenced activity a few months ago, is to be ready to start trading its shares in October of this year.

In this way, the real estate company would join Neinor, which debuted in March and would overtake Vía Célere, which is controlled by the fund Värde, which has also expressed its desire to debut on the stock market, within two years.

Aedas Homes is exclusively dedicated to the development of housing projects, both primary and secondary residences. The property developer undertakes projects on land that it owns and has a portfolio of land, primarily buildable (building permission has already been granted), for the construction of more than 12,000 homes. Specifically, it has fourteen developments currently underway in Alicante, Barcelona, Madrid, Málaga, Sevilla and Valencia.

Castlelake’s commitment

Castlelake, which backed the housing market in Spain in 2013 by purchasing various plots of land, launched Aedas Homes less than a year ago, advised by the Socimi Merlin Properties. After accumulating a portfolio of land in Spain spanning 1.3 million m2, worth more than €1,000 million, it is now building more than 1,500 homes.

The company, which includes professionals from Testa, is led by David Martínez (pictured above). (…).

Control of the funds

Aedas is one of several new property developers, controlled by investment funds, that wants to lead the residential market in Spain, which is highly fragmented and still reeling from the crisis.

Besides Aedas, one of the new star property developers in the Spanish real estate market is Neinor, which was launched by Lone Star. (…) . Other new players include Vía Célere – which has merged with Dos Puntos – and Aelca (both controlled by Värde).

Another new player (…) is Kronos Homes, in whose share capital, investors from the United Kingdom, France, Finland, the USA and Switzerland hold stakes.

In addition, other players include Metrovacesa Promoción Suelos – the division that was left out of the merger between Metrovacesa and Merlin –and other property developers that survived the crisis such as Realia, controlled by the Mexican businessman Carlos Slim, and Quabit, heir of the former Astroc.

Original story: Expansión (by R. Arroyo and S. Saiz)

Translation: Carmel Drake