Neinor Launches €1,070mn Tender Offer for AEDAS: Transforming the Real Estate Landscape
Deal News | Jun 16, 2025 | Globenewswire
Neinor Homes has announced a €1,070 million tender offer to acquire AEDAS Homes, representing a major move in the European residential real estate market. Castlelake, owning 79% of AEDAS, has irrevocably committed to sell its stake, providing certainty for the deal. The acquisition is part of Neinor's strategy to enhance its position in Spain's housing sector, with the transaction expected to boost earnings, dividends, and shareholder returns. The move is seen as an opportunity to gain a high-quality portfolio at a significant NAV discount, while maintaining a conservative leverage profile. Completion is slated for Q4 2025, subject to regulatory approvals.
Sectors
- Real Estate
- Private Equity
- Financial Services
Geography
- Spain – The acquisition of AEDAS Homes by Neinor Homes, both operating within the Spanish residential real estate market.
- Europe – Neinor's strategic positioning as a leading European homebuilder in the residential real estate sector.
Industry
- Real Estate – The article is primarily about the acquisition of a major residential real estate company, AEDAS Homes, by Neinor Homes in Spain.
- Private Equity – Castlelake, a private equity firm owning a significant stake in AEDAS, plays a crucial role in the transaction.
- Financial Services – Involvement of financial institutions such as Banco Santander, J.P. Morgan, and Apollo, providing financial structuring for the acquisition.
Financials
- €1,070 million – Total tender offer value by Neinor Homes to acquire AEDAS Homes.
- €24.485 per share – Offer price per share for AEDAS Homes' shares, adjusted to €21.335 after dividends.
- c. €2 billion GAV – The gross asset value of AEDAS Homes' portfolio being acquired.
- c. €500 million – Amount targeted to be distributed to shareholders over 2025-2027, a 44% increase from Neinor's original target.
- c. €900 million – Expected free cash flow over 2025-2030 from the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neinor Homes | Bidding Company | Company | The acquiring company in the transaction, aiming to consolidate its position in the European residential market. |
| AEDAS Homes | Target Company | Company | A major player in the Spanish residential real estate market being acquired by Neinor Homes. |
| Castlelake | Selling Company | PE | The owner of a 79% stake in AEDAS, agreeing to sell its shares to Neinor Homes. |
| Orion, Stoneshield, and Adar | Largest Shareholders Supporting Capital Raise | Company | Institutional investors supporting the equity component of the acquisition through a capital raise. |
| Apollo | Financial Backers | Company | Provider of senior secured notes to finance the acquisition and refinance existing debt. |
| Banco Santander, S.A. | Financial Backers | Company | Agreed to underwrite a portion of the acquisition financing. |
| J.P. Morgan SE | Financial Backers | Company | Agreed to underwrite a portion of the acquisition financing. |