Orion Becomes Neinor’s 2nd Largest Shareholder with an 11.1% Stake

29 May 2019 – Eje Prime

The French fund Orion European Real Estate has doubled its stake in Neinor Homes in just two months to 11.1%, despite the profit warning issued by the property developer in April.

As such, Orion is now Neinor’s second-largest shareholder, after the Israeli fund Adar Capital, which owns 28.7% of the shares. Other shareholders include Bank of Montreal (5.2%), Julius Baer (6.2%) and King Street Capital (4.1%).

Based on the current share price, Orion’s package of 8.8 million shares in Neinor is worth €95 million.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

US Fund King Street Capital Acquires 3.92% of Neinor Homes

5 April 2018 – Eje Prime

King Street Capital is knocking at the door of Neinor Homes. The US fund has purchased a 3.92% stake in the Spanish property developer, a percentage that, at current market prices, is worth €45.6 million, according to the records held by Spain’s National Securities and Exchange Commission (CNMV).

The US investment fund is acquiring a stake in the listed real estate company at a time when the company led by Juan Velayos is undergoing significant changes. In a shareholding dominated by overseas institutional investors, Adar Capital stands out with 27.8% of the share capital. The Israeli fund increased its stake in Neinor from 5.2% to almost 30% in a matter of weeks, the threshold that would oblige the company to launch a takeover bid for the entire firm.

In the last week, another foreign fund, in this case from Luxembourg, Alken Fund, has acquired 3.11% of the property developer, whose main secondary shareholders are Bank of Montreal, with a 5.20% stake; Invesco, which also controls 5.2%; Wellington Management Group, which holds 4.9%; and Norges Bank, owner of 4.5%.

Currently, Neinor Homes has 71 housing developments underway in Spain, comprising 5,470 homes, after launching five new developments with 528 homes in the third quarter of last year. The property developer’s plans involve investing more than €1.5 billion over the next five years to hand over up to 15,000 homes.

Original story: Eje Prime

Translation: Carmel Drake

Neinor Homes Sells 3.25% Of Its Share Capital To Bank Of Montreal

17 November 2017 – Eje Prime

The Bank of Montreal has become a shareholder of the property developer Neinor Homes, in which it has acquired a 3.25% stake. The percentage is worth around €47 million on the basis of the current share price for the real estate developer.

Specifically, Bank of Montreal has purchased a package of 2.43 million shares in Neinor, equivalent to 3.08% of its share capital, in a direct way, and another 140,000 (0.17%) through financial instruments, according to the records of Spain’s National Securities and Exchange Commission (CNMV).

Canada’s oldest bank has whereby joined the list of qualified international investors who hold a stake in the firm, led by Juan Velayos as CEO, since it debuted on the stock market in March.

In addition to Lone Star, the US fund that constituted the company and still controls 13% of its share capital, the shareholders of the real estate company include Wellington Management Group, with a 8.5% stake, Fidelity with another 6.8%, Invesco (4%) and King Street Capital Management (3.9%).

Neinor currently has 71 housing developments under construction in Spain, comprising 5,470 homes, after launching five new developments containing 528 homes in the third quarter of the year.

Original story: Eje Prime

Translation: Carmel Drake