Neinor Homes has closed the purchase from Hadley Investment Socimi of a portfolio of nine residential buildings. Together they add up to a total of 391 dwellings distributed in Madrid (39%), Catalonia (29%), Valencia (15%), Alicante (9%) and Malaga (7%).
With this operation, the promoter carries out its first purchase of a PRS portfolio. The properties in the portfolio were built between 2007 and 2009, so no significant expense is expected to renovate them.
These assets become part of the portfolio of the company owned by Neinor Rental and join the 1,200 units that are already under development. Of these, 38% are already under construction.
Following this transaction, Neinor Homes has also joined as a new member of EPRA (European Public Real Estate Association) and, therefore, in the future will report on its portfolio of operational rentals and its development portfolio in accordance with the association's guidelines European.
"We hope that this acquisition and the handover of Hacienda Homes during this first half of the year will provide investors with a clear vision of the strength of the Spanish rental market", said Borja García-Egotxeaga, CEO of the developer.
For his part, Jordi Argemí, Deputy CEO and Chief Financial Officer of the company, highlighted that “the purchase of this PRS portfolio represents a new step forward in the execution of Neinor Rental's strategy. Furthermore, the net profitability that we expect to achieve of 5% net would be equivalent to our objective set for the portfolio of 1,200 units that we currently have under development”.