Alantra acted as an exclusive advisor to Neinor Homes on the creation of a Joint Venture with AXA Investment Managers

Jun 2023

M&A - Joint Venture

Madrid – Alantra has acted as exclusive financial advisor to Neinor Homes (“Neinor”) on the creation of a Joint Venture with AXA Investment Managers (“AXA IM”) to develop residential for sale assets in Spain with a total initial investment commitment of € 113 million.

Neinor is one of the three listed Spanish developers and the leading residential platform in Spain. Neinor’s land bank comprises 15,500 units in the most dynamic Spanish regions. It is the only player with a 360º value proposition covering the entire value chain of the development and rental businesses. In 2022, Neinor was recognized for the second year in a row by Sustainalytics as the world’s lowest ESG risk developer, positioned first out of 284 companies.

AXA IM is number one property portfolio and asset manager in Europe, and one of the largest worldwide with ESG as key investment pillar. AXA manages approximately € 824 bn in assets and is part of the AXA Group, a worldwide leader in insurance and asset management. Their long-term investment approach enables to uncover opportunities across alternative and traditional asset classes. AXA employs over 2,600 employees around the world and operates out of 24 offices across 18 countries.

This transaction is a significant milestone for Neinor as it represents the first co-investment strategy with an institutional investor. It also represents a landmark transaction in the Spanish development sector in which other players are also trying to shift their business towards an asset-light model.

Alantra’s first transaction with Neinor was closed in 2014 and since then have advised in a variety of transactions. Jorge Roa, Managing Director at Alantra, added: “We firmly believe this credential will allow to generate new mandates with other relevant market players and investors. Moreover, we are already working on similar transactions.”