Neinor Homes and Ameris Capital have signed an agreement to create a joint venture (JV) to develop residential projects in Spain, with an expected land investment of up to €50 million. Neinor will assume the role of industrial partner, overseeing the design, marketing, licensing, financing and construction of the projects.
In December 2024, both companies acquired land in Paterna (Valencia), where they plan to develop 72 homes with an investment of more than 15 million euros. Neinor will have a 27% stake in this operation, while Ameris will control the remaining 73%. The land, located 15 minutes from the centre of Valencia, is in an established residential area with services such as schools, shopping centres and sports facilities. The project is scheduled to be marketed in the first half of 2025, with delivery scheduled for the end of 2027.
Neinor's 2023-2027 Strategic Plan envisages an investment of €1 billion in land, of which €500 million is expected to come from strategic partners. Since June 2023, the developer has signed six build-to-sell (BTS) agreements with investors such as AXA IM Alts, Orion Capital, Urbanitae, Avenue Capital, Bain Capital and Ameris, with which it plans to develop around 7,000 homes. So far, approximately 75% of the planned investment has been committed.
In parallel, Neinor signed an agreement with Octopus Real Estate in 2024 to invest EUR 200 million in the independent senior living segment.
‘This transaction reflects the growth of our conversion model, with investments that generate higher returns for our shareholders, as well as raising international capital to contribute to the supply of homes in the domestic residential market,’ said Borja García-Egotxeaga, CEO of Neinor Homes.
Jordi Argemí, Deputy CEO and CFO of Neinor Homes, adds: ‘Neinor has reached a total investment of 750 million euros in land, which allows us to accelerate our strategy of efficient growth and improve returns for our shareholders’.
From Ameris, Pablo Armas, co-founder and director, underlines that ‘This partnership with Neinor is part of our strategic plan to invest in Spain with leading industrial partners. It will also contribute to mitigate the imbalance between supply and demand in the Spanish residential segment. We will continue to channel Chilean capital into Spain with a long-term vision’.
