Spanish homebuilder Neinor Homes has agreed to sell a €110 million ($124 million) land portfolio to a new joint venture with Orion Capital Managers as part of its accelerated asset rotation program.
Orion, Neinor’s largest shareholder, will own 90 percent of the joint venture, while Neinor will retain a 10 percent interest and continue to manage the portfolio. The assets consist of land that is not yet under development and was not scheduled for delivery in the coming years.
The transaction brings Neinor’s signed asset sales to €260 million ($293 million) year to date. The company said the sales have been completed at a 17 percent premium to gross asset value and have generated a 42 percent gross margin.
The company also has up to €100 million ($113 million) of additional asset sales under negotiation as part of its €400 million ($450 million) asset rotation program for 2026 and 2027.
