19 September 2017 – Expansión
The US fund Wellington Management has entered the share capital of Neinor Homes by purchasing an 8.53% stake in the property developer. The estimated value of that percentage amounts to around €126 million, on the basis of current market prices.
In this way, Wellington is one of the investors that has acquired some of the shares in Neinor that were put up for sale by its majority shareholder, Lone Star, last week. The fund took the decision to sell a 27% stake in the company through an accelerated placement process, for a figure of around €394 million.
As a result of the deal, Wellington Management has become the second largest shareholder in Neinor Homes, behind only Lone Star, which has decreased its stake to around 13%, compared to the 40% share that it controlled when it listed the company on the stock market in March.
Original story: Expansión (by Jesús de las Casas)
Translation: Carmel Drake