Neinor Buys 2 Buildable Plots For 650 Homes For €68.5M

30 June 2017 – Observatorio Inmobiliario

Neinor Homes has completed the purchase of 2 plots of buildable land, in Las Rozas (Madrid) and Estepona (Málaga), for €68.5 million. The transaction consists of one plot in Las Rozas, Madrid, with a buildable surface area of more than 40,000 m2, suitable for the construction of more than 300 homes, and another plot in Estepona (Málaga), measuring more than 30,000 m2, where more than 300 homes will be built.

This purchase follows the announcement made by the company last week that it is investing €27 million in the construction of more than 400 homes opposite the Hospital La Fe in Valencia.

The investment in land made by the company during the second quarter of this year amounts to €95.5 million, bringing the total investment for the year to date to €147.1 million, which represents 74% of its annual objective.

Juan Velayos (pictured above), CEO of Neinor Homes, stated that “this transaction reflects that the company is continuing to acquire high-quality buildable land, even in highly competitive areas of Madrid, above the property developer margin sought. This will allow us to reach a total volume of investment for the year of almost €200 million, as established in our objectives. The team will continue to work to identify acquisitions that add value to the company’s land bank”.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

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