15 February 2018 – Eje Prime
Adar has taken more power in Neinor Homes. The Israeli fund manager Adar Capital Partners has increased its stake in the real estate firm to 9.2% from the 5.2% that it had held until now, whereby becoming the property developer’s largest shareholder.
What’s more, if we add the 2.6% stake that Adar controls indirectly through derivatives, then the percentage held by the fund in the company increases to 11.88%, which is worth €168 million at current prices, according to the registers of the National Securities and Exchange Commission (CNMV).
In this way, Adar Capital Partners has taken over Lone Star’s role as the largest shareholder of Neinor, after the US fund sold its stake in the real estate company that it had constituted, and exited its share capital.
Besides the Israeli manager, Neinor’s other reference shareholders include several other overseas institutional investors. In this way, Wellington Management Group holds an 8.6% stake, Fidelity owns 6.8%, Norges Bank holds 4.9% and Bank of Montreal has 3%.
Neinor currently has 71 housing developments underway across Spain, totalling 5,470 homes, after launching five new developments containing 528 homes during the third quarter of last year.
Original story: Eje Prime
Translation: Carmel Drake