• Transaction / Assets
    4.8% of Neinor Homes
  • Seller
  • Buyer
    Norwegian Pension Fund
  • € MM
    70

Norwegian Pension Fund Acquires 4.8% of Neinor Homes

17 January 2018 – Expansión

The Norwegian Pension Fund has acquired a 4.8% stake in the share capital of the property developer Neinor Homes. This package, acquired through the manager Norges Bank Investment Management has a market value of around €70 million. The sovereign fund of the Nordic country is positioning itself as one of the key investors in the company led by Juan Velayos, together with several other international funds, including Wellington Management Group, with an 8.5% stake; Fidelity (6.8%); Adar Capital Partners (5.2%); Invesco (5.01%); King Street Capital Management (3.9%); and the Bank of Montreal (3.25%).

The Norwegian Fund first acquired shares in the company when it debuted on the stock market last year and has taken advantage of the two accelerated placements made by the US fund Lone Star to strengthen its position in the share capital of the property developer. Lone Star exited the capital of the company, which it constituted three years ago with the purchase of the real estate subsidiary of Kutxabank, a week ago, after selling the 12.5% stake that it still controlled.

In March 2017, the US fund placed 40% of the shares that it owned on the market as part of the stock market debut, and in September, it sold off another 27% stake through an accelerated placement that generated proceeds of €395 million and decreased its participation to around 13%.

Incentives

Finally, a week ago, Lone Star sold an additional 12.5% stake for €173 million – also through an accelerated placement. Following that sale, Lone Star retained 350,918 shares in Neinor, representing approximately 0.4% of the firm’s share capital, which it is reserving in order to agree the requirements for the incentive plan for directors.

The company’s shares closed at a price of €18.54 yesterday, having fallen by 0.64%.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

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