Neinor Homes, Avenue Capital create new JV to manage development of 700 housing units in Spain

Neinor Homes and Avenue Capital Group have signed a joint venture agreement to build up to 700 new build-to-sell housing units in an area called Lomas de Flamenco, which is in the municipality of Mijas, located between Malaga and Marbella, Spain. 

The asset was fully owned by Avenue, and as part of the new joint venture, Neinor has reached an agreement to acquire a 20 percent stake. As part of the joint venture, Neinor will act as delivery partner, overseeing the project design, commercialization, licensing, funding and construction. This agreement does not consider further land acquisitions. 

The asset, called Lomas de Flamenco, has a ready-to-build status, and Neinor is currently completing the urban infrastructure works, which are expected to be finalize