Neinor Homes secures €225m to finance Aedas Homes bid

Spanish residential developer Neinor Homes has secured €225 mln through an accelerated bookbuild (ABB) to finance its tender offer for peer Aedas Homes. 

Madrid

The offering was met with exceptional demand, attracting over €1.2 bn in orders and being roughly six times oversubscribed. 
The shares were priced at €15.25 each, a 10% premium to pre-offer levels, demonstrating strong investor interest.
The allocation was primarily to top-tier institutional investors, increasing Neinor's free float to around €600 million and boosting its potential index relevance.
The three largest shareholders, Orion Capital, Stoneshield, and ADAR, will hold a combined stake of around 60%.
Banco Santander and J.P. Morgan acted as Joint Global Coordinators, Citi, Societe Generale, and Crédit Agricole Corporate and Investment Bank as Joint-Bookrunners, while Alantra has been appointed as Co-lead Managers.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: "This transaction is a breakout moment for Neinor. We’re operating in the right market, at the right time, with the right platform. Spain’s residential sector is structurally underbuilt, and Neinor sits at the center of that momentum. With this raise, we’re sending a clear message: we know where we’re going, we know how to get there, and we’ve got the capital behind us to do it at scale. This is what building a best-in-class, high-conviction real estate platform looks like.”
Jordi Argemí, deputy CEO and CFO, stated: "With this transaction, we expect to roughly double our profits over the next five years while increasing the share count by just 20% — a clear indication of how accretive this deal is for our shareholders. That message was fully understood by the market, as reflected in the strong performance of our shares since the tender offer announcement. The capital raise reinforces our financial strength, supports disciplined growth, and positions us to deliver even greater value in the years ahead. With this step, we are not only funding a strategic acquisition — we are creating one of Europe’s leading real estate platforms, focused on long-term value creation for our shareholders.”