Neinor secures €225mn with record €1.2bn demand to fund the AEDAS Tender Offer acquisition

• It has successfully executed an accelerated bookbuild (ABB) with over €1.2bn of demand and c.6x oversubscribed
• Neinor Homes sets a new benchmark in the equity capital markets pricing the ABB at a +10% premium to pre-tender offer announcement levels – raising capital at €15.25/share
• The capital raise was 100% allocated to top tier institutional investors, increasing Neinor’s free float to ~€600 million, a key milestone in enhancing trading depth, index relevance, and long-term investor alignment

MADRID, June 25, 2025 – Neinor Homes (“Neinor”, HOME.SM), the leading listed residential property developer in Spain, has successfully launched and completed an accelerated bookbuild offering (ABB), raising €225mn in gross proceeds to fund the tender offer for all the shares of AEDAS Homes (“AEDAS”) – a highly accretive and transformational acquisition targeting +20% IRR and +1.8x MOIC. 

As part of the offering, Neinor will issue 14,993,750 new ordinary shares at a price of €15.25/sh, representing a premium of +10% pre-tender offer announcement levels as at June 16, 2025. 

The new shares are expected to be admitted to trading on the Spanish stock exchanges (BME) on June 26, 2025, start trading on June 27, 2025 and and are expected to settle on June 30, 2025. Following the issuance, Neinor’s total number of shares outstanding will increase to 89,962,501 shares and the three largest shareholders, Orion Capital, Stoneshield and ADAR will hold a combined stake of c.60%increasing the free float of the company to c.€600mn.

In this transaction, Banco Santander and J.P. Morgan have acted as Joint Global Coordinators, Citi, Societe Generale and Crédit Agricole Corporate and Investment Bank as Joint-Bookrunners, while Alantra has been appointed as Co-lead Managers.

Exceptional, high-quality orderbook with over €1.2bn demand and c.6x oversubscribed

The ABB attracted exceptional demand from institutional investors, with the book +6x oversubscribed and total demand exceeding €1.2bn. The placement received strong backing from high-quality global investors, with over 80% of the allocation made to long-only accounts, primarily from Spain, the United Kingdom, and the United States.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “This transaction is a breakout moment for Neinor. We’ve just delivered a landmark equity raise — priced at a premium to pre-tender offer announcement levels, c.6x oversubscribed, and 100% backed by world-class institutional investors. It’s not just validation of our strategy — it’s fuel to accelerate it. We’re operating in the right market, at the right time, with the right platform. Spain’s residential sector is structurally underbuilt, and Neinor sits at the center of that momentum. With this raise, we’re sending a clear message: we know where we’re going, we know how to get there, and we’ve got the capital behind us to do it at scale. This is what building a best-in-class, high-conviction real estate platform looks like.”

Jordi Argemí, Deputy CEO and CFO, stated: “With this transaction, we expect to roughly double our profits over the next five years while increasing the share count by just 20% — a clear indication of how accretive this deal is for our shareholders. That message was fully understood by the market, as reflected in the strong performance of our shares since the tender offer announcement. The capital raise reinforces our financial strength, supports disciplined growth, and positions us to deliver even greater value in the years ahead. With this step, we are not only funding a strategic acquisition — we are creating one of Europe’s leading real estate platforms, focused on long-term value creation for our shareholders.”

-ENDS-

About Neinor Homes 

Neinor Homes is the leading residential property developer in Spain, with a land bank to develop c.12,000 homes, and a GAV to December 2024 of €1.5bn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Western and Eastern Andalusia, Levante, Basque Country and Catalonia. 

Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management. 

We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing. 

Neinor’s operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600mn shareholder remuneration plan and an investment of €1bn in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target. 

We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2013.

For more information:

NEINOR HOMES
Investor Relations Department
investor.relations@neinorhomes.com