As mentioned in a release to CNMV by Neinor, this portfolio comprises six of the most prestigious plots in Malaga, located in Colinas del Limonar, a high-end residential area focused mainly on Spanish buyers, and in Hacienda Cabello, a residential area close to the University of Malaga, where the company has already a commercial development.
Neinor states that is working on launching the newly acquired sites to the market in the short term, and is expecting to close the acquisition of €20 million of fully permitted land in the following weeks. As advanced last week by the announcement of financing agreement with JP Morgan, successful launches and closing of acquisitions in September/October could lead to a run rate re-assessment in the short term 2020.
With the acquisition of this portfolio, the real estate announces the opening of the agency Andalucía Oriental, managed from the new Malaga office led by Ignacio Peinado, who is joining Neinor Homes over the next few days.
Neinor Homes imposes its leadership in the residential market in Malaga, mostly oriented to second residence, where it owns more than 29 sites suitable for the development of more than 2,300 dwellings. Having delivered one site in Q2 of this year (Las Salinas) and with 9 launched developments, of which 4 are in active commercialization.