Neinor Homes, a Spanish homebuilder, has plans to acquire 100 percent of AEDAS Homes, another major player in the Spanish residential market.
It launched a €1.07 billion ($1.2 billion) offer to buy all AEDAS shares. The deal is backed by Castlelake, which owns 79 percent of AEDAS and has agreed to sell its stake.
To finance the deal, Neinor has secured around €1.25 billion in capital through a mix of equity and debt. Major shareholders and financial institutions like Apollo, Banco Santander and J.P. Morgan support the financing.
The deal brings in a large portfolio of around 20,200 high-quality homes, mainly in Madrid, offering strong revenue visibility and fast returns. According to the release, the assets are being acquired at a roughly 30 percent discount to their net asset value, providing upside potential and maintaining Neinor’s conservative financial profile.
