Neinor Earned 74% More in Q1 and Signed 64 Pre-Sales During Lockdown in April

The property developer generated a profit of €3.9 million between January and March from revenues of €50.5 million. In April, it closed half as many pre-sales as planned.

The property developer Neinor Homes managed to close the pre-sales of 64 homes off-plan during April, a month that was marked by the closure of its sales offices due to the State of Emergency. Prior to the coronavirus crisis, the managers of the real estate company had set a target of twice that figure for the month. During the three months to March, the company pre-sold 353 homes compared to 306 in the same period a year earlier.

The CEO of the company, Borja García-Egotxeaga, revealed this information at the results presentation for the first quarter of 2020. During Q1, the firm obtained a profit of €3.9 million, up by 74% compared to the same period a year earlier, from revenues of €50.5 million, down by 17% YoY.

Neinor Homes will Disinfect Against Covid-19 the 1,700 Homes it is going to Deliver This Year

Neinor Homes will disinfect against Covid-19 all of the homes scheduled for delivery in 2020.

Neinor Homes will disinfect against Covid-19 all of the homes scheduled for delivery in 2020.

This initiative, which according to its business plan will be applied to more than 1,700 units, aims to guarantee the hygiene and safety of all of its properties to their new owners at a time as special as the delivery of their new home.

Neinor Homes Looks to Invest €90 Million in 2020

3 January 2020 The real estate developer Neinor Homes needs to invest 90 million euros next year to achieve its stated investment goals, which the firm had already reduced in April. The firm has a target of €100 million for 2019-2020 and only investment 10 million euros in two plots of land in the Basque Country last year.

Juan Velayos’s exit last year hit the developer’s stock price and caused aftershocks that affected the rest of Spain’s developers as well.  The firm’s stock fell by 16.68% and has since struggled to reach new highs.

Neinor currently has sufficient land holdings to build approximately 12,500 homes. The land is in the Basque Country (2,500), Catalonia (2,100), Levante (1,300), Andalusia (4,400) and Centro (2,700).

The firm’s principal development is in Alcobendas (Madrid). Aura Homes is currently building 254 2-4-bedroom homes in a large gated residential community.

En español

La promotora inmobiliaria Neinor Homes necesita invertir 90 millones de euros el próximo año para alcanzar sus objetivos de inversión, que la empresa ya había reducido en abril. La firma tiene un objetivo de investir 100 millones de euros en 2019-2020, pero solo invirtió 10 millones de euros en dos terrenos en el País Vasco el año pasado.

La salida de Juan Velayos el año pasado provocó una fuerte caída en el precio de las acciones de la promotora y afectó también al resto de los desarrolladores de España. Las acciones de la empresa cayeron un 16,68% y desde entonces han luchados por alcanzar nuevos máximos.

Neinor actualmente tiene suficientes terrenos para construir aproximadamente 12,500 viviendas. Los terrenos se encuentran en el País Vasco (2.500), Cataluña (2.100), Levante (1.300), Andalucía (4.400) y el Centro (2.700).

El proyecto principal de Neinor se encuentra en Alcobendas (Madrid), donde Aura Homes está construyendo 254 viviendas de 2 a 4 dormitorios en una gran comunidad residencial cerrada.

Original Story: Merca2 – Javier Rosell

Translation/Summary: Richard D. Turner

Neinor Homes Reaches Reduced Delivery Targets and Pursues Further Growth

1 November 2019 – Neinor Homes, one of the principal Spanish developers, is set to reach its reduced target after issuing a profit warning in April. The firm released its accounts for the third quarter of 2019, stating that it would deliver a total of 1,200 homes by the end of this year.

The homes have all already been completed, and the developer had delivered 572 by the end of September.

The results were the first since the French fund Orion became the developer’s largest shareholder. Neinor Homes announced a turnover of €242 million in the first nine months of 2019 and, as a result, an Ebitda of €44 million, compared to a projection of approximately €70 million for the year.

After noting a fall in price expectations for developable land, Neinor has thus also begun to acquire more land to build new homes. The developer finalised two deals to build up its land bank in the north of Spain. Neinor invested about 10 million euros in the acquisitions, enough for 174 homes.  The firm has perceived that there is a total of about 300 million euros of land available in the markets in which it operates.

Original Story: Vozpópuli – Joaquín Hernández

Adaptation/Translation: Richard D. K. Turner

Neinor Gains Approval to Begin Work on €86-Million Sky Homes Development in Valencia

24 September 2019 – Neinor Homes has obtained approval for its Sky Homes mega-development in Valencia. The new complex will consist of four residential towers with twenty floors each, for a a total of 417 flats. Neinor plans to invest 86 million euros in the development, including the acquisition of the land.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Neinor Homes Posts €12.4-Million Profit in First Six Months of 2019

28 July 2019 – Richard D. K. Turner

Neinor Homes, the developer led by Borja Egotxeaga, closed out the first semester of 2019 with 12.4 million euros in net profits, well above its loss of 8.2 million euros during the first six months of last year. The firm’s revenues doubled, year-on-year, in the period to 161.8 million euros. 85% of its turnover came from its operations as a developer.

Neinor increased its gross margins by 82.1% year-on-year, while, at the same time, reducing its expenses to €22.9 million this year.

The developer delivered 379 homes in the semester, 32% of its target for the year. On the other hand, the company’s NAV fell to €1.325 billion.

Original Story: Eje Prime

Neinor to Invest €550 Million to Acquire Land for New Developments

3 July 2019 – Richard D. K. Turner

Neinor Homes intends to invest 550 million euros to acquire new land for development in the years to 2022. That land should be enough to build up to 13,000 more homes. The company expects to invest one hundred million euros this year and next; €150 million in 2021 and €250 million in 2022.

Having downgraded its forecast for deliveries, Neinor stated that it will deliver between 1,200 and 1,700 units this year; 1,700 to 2,400 homes in 2020 and up to 2,750 in the two following years. The developer currently has sixty projects, with 5,00 homes, under development in such areas as Madrid, Catalonia, the Basque Country and Valencia.

Original Story: EjePrime

 

Former CEO of Neinor Juan Velayos Joins Alantra

24 June 2019Cinco Dias

Alantra has hired Juan Velayos as a managing partner, tasked with building up a new real estate asset management business in Spain and abroad. Velayos will lead the creation of investment vehicles, while raising funds and directing investment, following the example of such major international firms as Blackstone, Brookfield and Cerberus.

Juan Velayos was Neinor Homes’ CEO until two months ago after Lone Star put him in charge of the firm when it acquired the developer from Kutxabank.

Original Story: Cinco Dias – Alfonso Simón Ruiz

Translation/Summary – Richard D. Turner

 

 

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

Neinor’s Share Price Drops by 16% As the Market Reacts to its New Strategic Plan

9 April 2019 – La Vanguardia

The share price of Neinor Homes decreased by more than 16.3% after the change in CEO and a new more conservative strategic plan was announced on Monday.

As such, Neinor’s share price has plummeted by more than 30% since the start of the year and is currently trading at around €9 per share.

The company has appointed Borja García-Egotxeaga as its new CEO, following the resignation of Juan Velayos, who will continue as a senior advisor to the property developer.

Original story: La Vanguardia

Translation/Summary: Carmel Drake