Neinor Homes divests five BTR projects for €50m

Spanish residential developer Neinor Homes has finalized the sale of five build-to-rent (BTR) projects totalling 251 units for approximately €50 mln.

Neinor Homes

Two completed and operational BTR projects in Guadalajara and Seville have been sold to Round Hill Capital. Neinor has also agreed to sell three rental buildings (128 units) in Malaga, Alicante, and Valencia to 1810 Capital. These buildings, originally part of the Sardes Portfolio acquired by Neinor in early 2021, will continue to be managed and operated by Neinor's rental subsidiary, Renta Garantizada.
Since its strategic plan announcement, Neinor has sold 11 rental properties (1,334 units) across several Spanish provinces to institutional investors, generating roughly €325 mln with a 24% gross development margin. Buyers included Kygal, Savills IM, Harrison Street, DeA Capital, CBRE IM, Avalon Properties, Round Hill Capital, and 1810 Capital.
Having fully monetized its BTR portfolio, Neinor has shifted its remaining rental assets, including parts of the Sardes portfolio and Olarizu Homes, to a build-to-sell (BTS) strategy, focusing on individual sales. This approach mirrors previous successes with projects like Sue 21, Zorrozaurre, and Serena.
Furthermore, Neinor reported a strong first quarter of 2025, pre-selling 670 BTS units—a significant year-over-year increase in both volume and value. Including BTR sales, Neinor's total pre-sales reached 921 units worth €295 mln, marking its best start to a year ever.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: “Looking back, I am pleased to note that our strategy with a mix between build-to-sell and to-rent disposals has been extremely successful in crystallizing the value of Neinor’s BTR portfolio, while protecting business margins, accelerating cash flows, and optimizing our balance sheet. These disposals have played a critical role in funding Neinor’s €600 million shareholder remuneration target. Year-to-date, we have already distributed c.€125 million in Q1 2025 and, more recently, we approved another €31 million payable this week.”
Jordi Argemí, deputy CEO and CFO, stated: “From a business standpoint, nothing has changed in the sector fundamentals as we continue to benefit from accumulated housing demand and a lack of supply, while financing conditions for homebuyers continue to improve. The margin outlook for FY25-26 continues to improve as we benefit from a solid forward sales position to maximize selling prices. Although gross margins in FY23-24 have been among the highest in our history, we are optimistic for upcoming years.”
Neinor Homes has a land bank to develop around 12,000 homes in Madrid, Western and Eastern Andalusia, Levante, Basque Country, and Catalonia.