15 February 2018 – Eje Prime
Adar has taken more power in Neinor Homes. The Israeli fund manager Adar Capital Partners has increased its stake in the real estate firm to 9.2% from the 5.2% that it had held until now, whereby becoming the property developer’s largest shareholder.
What’s more, if we add the 2.6% stake that Adar controls indirectly through derivatives, then the percentage held by the fund in the company increases to 11.88%, which is worth €168 million at current prices, according to the registers of the National Securities and Exchange Commission (CNMV).
In this way, Adar Capital Partners has taken over Lone Star’s role as the largest shareholder of Neinor, after the US fund sold its stake in the real estate company that it had constituted, and exited its share capital.
Besides the Israeli manager, Neinor’s other reference shareholders include several other overseas institutional investors. In this way, Wellington Management Group holds an 8.6% stake, Fidelity owns 6.8%, Norges Bank holds 4.9% and Bank of Montreal has 3%.
Neinor currently has 71 housing developments underway across Spain, totalling 5,470 homes, after launching five new developments containing 528 homes during the third quarter of last year.
Original story: Eje Prime
Translation: Carmel Drake
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%.
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