7 September 2017 – Press Release
Yesterday, Neinor Homes completed the purchase of one plot of land in Valencia, which together with the acquisition of two other plots in Tarragona on Tuesday, means that the company has expanded its fully permitted land bank by c. 34,000 m2 in a matter of days.
The company plans to build 300 units on the newly acquired plots, taking the capacity of its fully permitted land bank to c. 12,000 units.
These latest acquisitions have a projected gross margin of c. 28%, which is well above the company’s targets. They were funded using the JP Morgan bridge financing announced last week.
Neinor’s total acquisitions since January now amount to €248 million, whereby fulfilling 100% of the company’s target for 2017 and 27% of its target for 2018.
The acquisitions are another indicator of Neinor Homes’ ability to anticipate the recovery in new regions, whereby strengthening its land bank in the City of Valencia and entering a new area in Cataluña: Tarragona.
Original story: Press Release
Edited by: Carmel Drake