5 September 2017 – Press Release
Yesterday, Neinor closed a portfolio transaction comprising 6 of the most sought-after plots in Málaga; planning permission has already been granted for all of them. The plots are suitable for the development of more than 800 units and are expected to generate a projected gross margin of 27%, well above the Company’s target. The sites are located in Colinas del Limonar, a high-end residential area focused mainly on Spanish buyers and in Hacienda Cabello, a residential area close to the University of Málaga.
With this deal, Neinor’s total acquisitions since January now amount to €226 million, and as such it has already fulfilled 100% of its target for 2017 and 14% of its target for 2018, reflecting the Company’s commitment to harnessing the momentum in the market.
This transaction is the first to be funded using the JP Morgan bridge loan announced last week
Neinor Homes is the market leader in the residential segment in Málaga, where it owns more than 29 sites suitable for the development of more than 2,300 dwellings.
The Company has also just announced the launch of a new Eastern Andalusia Region team, which will be managed from the new Malaga office, led by Ignacio Peinado who is joining the Company.
Original story: Press Release
Edited by: Carmel Drake