Neinor Homes and Stoneshield Capital Partner for Spanish resi project

Spanish residential developer Neinor Homes and Stoneshield Capital have formed a €150 mln joint venture to develop a luxury residential project in Marbella.

Marbella - Neinor Homes

This venture, which marks Neinor's entry into the high-end residential market, will see Stoneshield holding a 70% stake, while Neinor retains 30% by contributing the asset from its balance sheet.

The development will feature 262 homes across over 60,000 m2 of residential space. It will also include a 1,200 m2 Private Members Club with amenities like a spa, wellness areas, indoor and outdoor pools, sports facilities, restaurants, panoramic terraces, a cinema, and landscaped gardens. The project is expected to create nearly 1,000 direct and indirect jobs and is ideally located next to the Río Real Golf Course, close to the beach, Marbella city centre, and Puerto Banús.

Marbella continues to experience strong demand for high-quality new homes, despite the limited availability of buildable land. This project is one of the largest residential developments launched in Marbella recently, with anticipated revenues exceeding €600 mln over the next five years.

This partnership further bolsters Neinor’s asset management platform, launched three years ago, which has since grown into one of Spain's largest residential development platforms. Since its inception, the platform has deployed over €1.3 bn with leading institutional investors such as AXA IM Alts, Orion Capital, King Street, and Bain Capital, across various residential projects in Spain.

Through its delegated development model, Neinor currently manages approximately 14,000 homes in multiple partnerships, covering build-to-sell, affordable build-to-rent, alternative living segments, and now, high-end residential.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “We are fully aware of the global geopolitical tensions reshaping capital allocation decisions, and Spain’s position in this context could not be more compelling. Cost inflation remains a challenge across European construction markets, but with the help of the Spanish administration mitigant programs, we are building robust mechanisms to manage input costs, which, combined with our strengths, will allow us to protect margins and deliver on our return targets.”

Juan Pepa, founding partner of Stoneshield Capital, added: “Spain has established itself as one of Europe’s most resilient and attractive residential investment markets, and Marbella remains one of its most fundamentally sound locations, which is also benefiting as a safe destination away from conflicts.”