Neinor Homes, Urbanitae to invest €150m in BTS Spanish JV
Neinor Homes, a residential developer in Spain, and Urbanitae, an investment platform raising capital and debt to invest in residential projects in Spain with a 65 percent market share, have agreed to create a joint venture to invest up to €150 million ($162 million) in build-to-suit lease (BTS) in the next 18 months.
Since 2017, Urbanitae has managed to raise €200 million ($216 million) between equity and debt to finance 141 developments in the most sought-after locations in the Spanish market. Of these, it has delivered a total of 28 projects, achieving an average annual return of 16.6 percent for its investors. Urbanitae's platform is fully regulated by the CNMV, and its investor base is made up of local investors in the family office and retail segments.
Urbanitae will hold an 80 percent stake in the joint venture, while Neinor will hold the remaining 20 percent and act as managing partner overseeing project design, licensing, marketing and construction.