Neinor Homes and Aedas Homes moot tie-up

Real estate developers Aedas Homes and Neinor Homes, two of the dominant firms in the Spanish homebuilder market, are in discussions over a potential merger.

Neinor Homes residential project in Madrid

Neinor Homes is reportedly negotiating a deal to acquire a substantial stake in Aedas Homes, backed by private equity firm Castlelake. This potential merger could create Spain's largest real estate developer, valued at approximately €2.3 bn.
Responding to Spanish news reports, Neinor Homes confirmed it is in talks with Castlelake and evaluating Aedas Homes for a potential acquisition. No final decision has been made, and any significant developments will be publicly announced. Neinor emphasized its continued focus on growing its Spanish residential business and asset management platform to maximize shareholder value and strengthen its leading market position.
Aedas Homes also confirmed that its majority shareholder, Hipoteca 43 Lux, is in talks with Neinor Homes about a potential full takeover bid. Aedas said it has agreed to provide Neinor with limited information for due diligence purposes under a confidentiality agreement. It added that no decisions have been made, and there is no guarantee an offer will be forthcoming or what its terms might be.
Apollo Global Management is reportedly assisting Neinor with financing. 
This consolidation move comes as the Spanish real estate market struggles with scale and a housing shortage driven by limited new construction. 
For Neinor, this would be a second major acquisition in less than a year, following the purchase of a 10% stake in Promociones Habitat from Bain Capital for €31 mln, further solidifying its leadership in the sector.