Neinor Homes, the real estate led by the American Fund Lone Star, advances in its goal of leading residential developer business in Spain. To this end, created the real estate portfolio of Kutxabank, the company has launched an ambitious business plan, which includes significant investments in the purchase of land.
The last of these acquisitions has been a portfolio composed by six terrain finalist located in Malaga and she was owned by Unicaja Bank. Altogether, these lands have a building area of 90,000 square meters, which will allow Neinor develop more than 800 houses.
Unicaja Bank Group has reported that this operation will allow it to reduce in 100 million euros the match awarded to these assets in its balance sheet. In addition, it will be a gross result for the entity of 20 million euros, to be recorded during the third quarter of the current fiscal year 2017.
With this investment, investment in land during 2017 amounted to 226 million euros, a figure higher than initially expected, and that led to the real estate to accord with JP Morgan a line of financing of 150 million to undertake new purchases.
Thus, this portfolio of lands in Malaga is the first operation which closes with the new funds, designated from the company, which ensure that in the coming weeks he will close new investments amounting to more than EUR 20 million.
Neinor Homes today, has a portfolio of land valued at 1,300 billion euros and more than 4,000 dwellings under construction. In the latest results presented, for the first half, the company led by Juan Velayos recorded a net sales of 127.5 million euros, with a net loss of 4.2 million, four million less than the previous year.
Source: Expansión
