Neinor Homes Reaches Reduced Delivery Targets and Pursues Further Growth
1 November 2019 – Neinor Homes, one of the principal Spanish developers, is set to reach its reduced target after issuing a profit warning in April. The firm released its accounts for the third quarter of 2019, stating that it would deliver a total of 1,200 homes by the end of this year.
The homes have all already been completed, and the developer had delivered 572 by the end of September.
The results were the first since the French fund Orion became the developer’s largest shareholder. Neinor Homes announced a turnover of €242 million in the first nine months of 2019 and, as a result, an Ebitda of €44 million, compared to a projection of approximately €70 million for the year.
After noting a fall in price expectations for developable land, Neinor has thus also begun to acquire more land to build new homes. The developer finalised two deals to build up its land bank in the north of Spain. Neinor invested about 10 million euros in the acquisitions, enough for 174 homes. The firm has perceived that there is a total of about 300 million euros of land available in the markets in which it operates.
Original Story: Vozpópuli – Joaquín Hernández
Adaptation/Translation: Richard D. K. Turner