Alantra advises Neinor Homes on the creation of a Joint Venture with European Real Estate Private Equity Orion Capital Managers

Jul 2023

M&A - Joint Venture

Madrid – Alantra has acted as exclusive financial adviser to Spanish developer Neinor Homes (“Neinor”) on the creation of a Joint Venture with European Real Estate Private Equity Orion Capital Managers (“Orion”) to develop residential properties for sale in Spain with a total initial equity commitment of €50 million which will represent a total investment of €150+ million.

Neinor is one of 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.

Orion is a European real estate private equity firm specialized in the full spectrum of commercial real estate, including direct assets, listed companies, private companies, and real estate debt. Orion has a highly experienced team across Europe with local presence in London, Madrid, Paris, and Luxembourg. Since inception, Orion has completed 90+ transactions totalling €10+ bn and is currently investing on behalf of its fifth fund which has €1.5 bn of equity commitments.

Jorge Roa, Managing Director at Alantra, said: “This new JV represents another significant milestone for Neinor as it confirms the consistency of its strategic plan and the interest from third parties to partner with Neinor as industrial player. For Alantra, the transactions with Neinor (AXA and Orion JVs) reinforce our European capabilities in the co-investment/capital raising space. The team is already working on other similar deals across Europe and expects to secure additional mandates in the short term.”