Neinor is exclusively negotiating the purchase of Vía Célere to create the largest housing developer in Spain.
Neinor Homes has risen more than 4% in the Stock Market after confirming that it is evaluating the acquisition of its competitor Vía Célere, as reported this Monday by the new-build real estate developer to the National Securities Market Commission (CNMV).
Specifically, Neinor shares have advanced 4.02% on Monday, on the Madrid Stock Exchange, to 11.9 euros, although they have reached 12 euros.
At the end of last year, Vía Célere had land for the development of 20,700 homes and its assets had a gross value of 1,770 million euros. Neinor, for its part, closed 2020 with assets valued at 2,000 million euros and a land bank for the development of 16,100 homes, including both units for sale and rental of Quabit.
The sum of both groups, then, would give rise to a company with land to build about 37,000 homes, which would make it the largest residential developer in Spain with a gross market value of about 3,800 million euros, according to the data of the end of 2020.
Neinor and Värde Partners, Vía Célere's majority shareholder, have been negotiating for three months and are already in the due diligence phase
If an agreement is reached to purchase Vía Célere, it will be the second corporate operation carried out by Neinor in recent months, after integrating Quabit last year. Vía Célere has been led since July 2019 by José Ignacio Morales. In addition to Värde, which controls 76.4% of the capital, other minority shareholders present in the developer are Greencoat.
Neinor, which is directed by Borja García-Egotxeaga, multiplied its profits by six in the first half of the year, to register a net profit of 44.6 million euros in the first quarter of the year, compared to 6.8 million entered in the same period of the previous year, as reported by the company to CNMV.
The increase in profit has been driven by an increase in revenue, which has tripled, from 101.3 million euros in the first half of 2020, to 326.6 million euros in the first six months of this year . Of these, 310.4 million euros come from the promoter activity.