The information comes from a note sent to the Spanish CNMV, where it reports the results of last year, according to which it acquired land in several areas of Spain, such as Costa del Sol, Girona, Madrid, Malaga or Seville, among others. Land bank at the end of the year stood at 3+ years of the revised annual run-rate. Additionally, Neinor Homes is working intensely towards implementing in Spain the AngloSaxon model for strategic land, whereby attractive non-fully permitted land can be secured in a capital-efficient manner and without taking planning risk into the balance sheet.
In the year it started to quote on the Stock Exchange, Neinor added revenues of €225 million, with the highlights for €114 million of legacy liquidation and €77 million of development deliveries. EBITDA adjusted of €8.3 million, ahead of expectations.
Socimi ended the year with 90 active sites with c. 8,337 units in production; 36 sites in construction for 2,436 units; and 8 sites delivered: 313 units, ahead of IPO guidance.
Juan Velayos, CEO of Neinor Homes, commented that “the Company closed a very strong year, after an extraordinary effort to launch projects and thus secure the deliveries planned over this year and the following two. We have therefore decided to increase the run-rate guidance to 4,000 units from 2020 and beyond. Neinor Homes is sitting on 12,500 units of prime, fully-permitted land bank, which we continue to grow with accretive acquisitions; and has the first-mover advantage, which with the steady flow of deliveries, double each year over the next 3 years, we expect to maintain and increase.”