Neinor Homes Approves the Acquisition of Aedas Homes and Issues Bonds to Finance the Deal

Neinor Homes, one of Spain’s leading residential developers, has unanimously approved, in an extraordinary shareholders’ meeting, the acquisition of 100% of Aedas Homes for a total amount of €1.07 billion. Announced last June, the operation marks the creation of the largest residential real estate group in Spain.

Financing and backing from major investment funds

The company has informed the Spanish National Securities Market Commission (CNMV) of the placement of an additional bond issuance worth €100 million, with a 5.875% interest rate and maturity in February 2030. The funds will be used to partially finance the takeover bid (OPA) and strengthen Neinor’s corporate structure.

The main shareholders — Orion European Real Estate, Stoneshield Southern Real Estate, and Welwel Investments — holding 29.5%, 25.7%, and 13.5% of Neinor’s share capital respectively, backed the proposal, ensuring unanimous approval of the transaction.

Meanwhile, Aedas Homes, 79% owned by U.S. fund Castlelake, has confirmed its commitment to sell its shares, guaranteeing the success of the acquisition.

A new real estate powerhouse: over 43,000 homes in portfolio

Following the acquisition, Neinor Homes will hold a combined portfolio of 43,200 homes, including 20,200 from Aedas, half of which are located in the Madrid region.
Of these, 13,809 units are currently under development, 9,049 are under construction or completed, and 3,700 have already been pre-sold, representing future revenues of around €1.7 billion.

Additionally, the company maintains a pre-sales book exceeding 4,500 homes, valued at €1.9 billion, and a property portfolio of 2,300 units worth approximately €1.1 billion.

Growth, profitability, and a five-year projection

Through this strategic merger, Neinor expects to deliver between 6,000 and 7,000 homes per year, accounting for nearly 30% of Spain’s total annual housing production, which currently stands between 100,000 and 110,000 units.

According to Neinor Homes CEO, Borja García-Egotxeaga, the company aims to add up to 30,000 new homes to the Spanish housing market over the next five years, addressing a housing shortage that, according to the Bank of Spain, could reach 1.8 million units by 2030.

“In a market defined by scarcity, our greatest asset is visibility. We’re building homes, yes—but also economic resilience, social impact, and a platform for institutional capital to thrive in one of Europe’s strongest residential markets,” said García-Egotxeaga.

Deputy CEO, Jordi Argemí García, added that Neinor expects to recover the entire investment within three years, thanks to Aedas’ active and liquid portfolio, forecasting a net profit of €510 million between 2023 and 2027 — a 40% improvement over pre-acquisition estimates.

Neinor Homes: leadership and long-term vision

Headquartered in Bilbao, Neinor Homes further strengthens its position as Spain’s leading residential property developer, backed by a solid, diversified structure focused on sustainable growth.
The integration of Aedas expands its production capacity, enhances its footprint across key metropolitan areas, and positions the company as a European benchmark in urban development and new housing construction.