Revolution in the Spanish real estate market. Basque developer, Neinor Homes, is in talks to acquire Vía Célere, a real estate company owned by Värde foundation, which recently failed in its plans to enter the stock market and was put up for sale. If this operation is successful, the company will become the largest developer in the country, even larger than Metrovacesa and Aedas, with a portfolio of 37,000 development projects.
According to various reports, the two companies have been negotiating the deal on an exclusive basis for three months and have now reached the final stage. However, Neinor told CNMV that at the moment «no agreement has been reached on the terms of a possible deal, no decision has been made on this, and there is no certainty that it will be made».
A GIANT WITH 37,000 properties
It is important to know that the company Vía Célere has land for the construction of 20,700 development projects, and its assets have a gross value of EUR 1,770,000,000. According to the register, the financial debt is EUR 303,000,000, according to the register.
On the other hand, after joining its competitor, Quabit, at the beginning of the year, Neinor has assets worth EUR 2,000,000,000 and a land bank for the construction of 16,100 development projects. Therefore, the total will be a giant that will build 37,000 development projects, and the total market value will be EUR 3,800,000,000.
Neinor Homes completed the first half of the year with record figures. It has increased its main financial indicators several times, as well as its land portfolio. In the first six months of 2021, the group achieved adjusted net profit of EUR 49,600,000 (+532%) and EDITDA of EUR 70,000,000 (+342%). The revenues amounted to EUR 327,000,000, of which EUR 310,000,000 came from the development business, almost EUR 13,800,000 from maintenance and guaranteed income, EUR 1,000,000 from the rental platform and EUR 1,400,000 from inheritance and other.