Neinor Homes forms JV with Bain Capital

Neinor Homes, a residential property developer in Spain, has reached an agreement with Merak IMS, S.L., a holding company controlled by funds managed by Bain Capital, to acquire a 10 percent stake in Promociones Habitat, S.A., and enters into an agreement where Neinor will provide development and management services to Habitat’s ongoing developments and land bank.

At the end of June, Habitat had a land bank with the capacity to develop 8,000 residential housing units. Of the total land bank, Habitat has nearly 50 percent launched, with 4,000 housing units in different stages of development, of which 2,200 are currently under construction or completed and 2,000 are already sold.

As part of the deal, Neinor will provide services to a high-quality land bank that complements its own. Madrid represents 3,500 housing units or 44 percent of the total land bank, located in key areas such as the new southern-west developments of Berrocales, Ahijones and Valdecarros as well as