Neinor Homes sells residential project in Barcelona for €45m

Spanish residential developer Neinor Homes has secured a €45 mln deal to sell a turnkey affordable housing project in Esplugues de Llobregat, Barcelona.

Esplugues de Llobregat

This agreement involves the future construction and delivery of a subsidized residential building within the ARE Montesa regeneration project, a large-scale urban redevelopment managed by Neinor. Neinor has been responsible for the entire transformation of the land from its previous industrial use, including planning, infrastructure, and urbanization.
The land was acquired in 2022 with plans for around 900 homes across six developments. Currently, five of these projects (NOBA I-V), totaling about 700 units, are under development and expected to be completed between 2025 and 2027.
This latest deal covers the sixth and final project in the area, which will consist of roughly 180 affordable rental apartments, offering 16,672 m² of residential space and 2,852 m² of commercial space. The project is scheduled for completion in 2027.
This transaction bolsters Neinor’s affordable rental portfolio in Barcelona, which already includes 4,500 units under the HMB program.
Borja García-Egotxeaga, CEO of Neinor Homes, commented: “ARE Montesa is a prime example of how we create long-term value by regenerating brownfield land into high-quality residential neighborhoods. This site, once an industrial enclave in the heart of the Barcelona metropolitan area, is being transformed by Neinor into a vibrant community with homes for more than 1,000 families.”
Jordi Argemí, deputy CEO and CFO, stated: “This transaction is part of Neinor’s broader asset rotation strategy, which is key to enhancing balance sheet efficiency. By forward-selling this project, we make our capital structure more agile, improve earnings visibility, and ultimately drive a higher return on equity. It reflects our disciplined approach to capital allocation while continuing to support Spain’s affordable housing goals.”
Additionally, Neinor has partnered with Cevasa, the Barcelona City Council, and the Barcelona Metropolitan Area in the Habitatge Metròpolis Barcelona (HMB) program to create over 4,500 affordable rental homes over the next 75 years. Neinor has a 25% stake in this collaborative effort. Under its Neinor Essential brand, the company has delivered 740 homes through official protection schemes and sold 1,963 units.