Neinor Homes has signed an agreement with Merak IMS, a company controlled by Bain Capital funds, to acquire 10% of the share capital of Promociones Habitat for approximately 31 million euros, as reported by the real estate developer to the National Securities Market Commission (CNMV) on Monday.
Additionally, Neinor and Merak have entered into a shareholder agreement to regulate their relations in Habitat. This agreement includes certain protections in favor of Neinor as a minority shareholder, as Habitat will remain under the exclusive control of Merak. (View Highlight)
At the same time, Neinor has signed a management contract with Habitat, under which the developer will provide management services to the portfolio of real estate assets that remain under Habitat’s ownership and control. This asset portfolio has the capacity to develop 8,000 homes and, as of the end of 2023, was valued at approximately 700 million euros. This management contract will come into effect on October 1st, and as part of it, Habitat has transferred to Neinor the assets that make up the third-party real estate management business. Consequently, Neinor has assumed, as employer, the employment relationships that Habitat had with the employees corresponding to this business.
Neinor Homes, partly owned by the French fund Orion and the Spanish fund Stoneshield, doubled its profit in the first half of the year to 10 million euros. The developer’s revenue between January and June amounted to 182 million euros, with the completion of 582 homes.
Meanwhile, Habitat, controlled by Bain Capital and led by José Carlos Saz, closed 2023 with a net profit of 19.3 million euros, 35% higher than the previous year. The company’s turnover increased by 43% compared to the previous year, reaching 291 million euros, while its EBITDA (earnings before interest, taxes, depreciation, and amortization) reached 23.7 million euros, 88% above the 2022 figure. (View Highlight)
