Neinor Secures €225mn for AEDAS Acquisition Amidst Record Demand

Neinor Homes, a leading residential property developer in Spain, has successfully completed an accelerated bookbuild offering (ABB), raising €225 million in gross proceeds to fund the tender offer for AEDAS Homes. The offering was exceptionally well received, with demand exceeding €1.2 billion and being approximately six times oversubscribed. New shares were issued at a 10% premium relative to pre-tender offer levels, priced at €15.25 per share. The capital raise was fully allocated to top-tier institutional investors, thereby increasing Neinor's free float significantly, a key move towards enhancing its long-term investor alignment and market trading depth. Neinor's acquisition of AEDAS Homes is framed as transformational and accretive, underpinning a targeted internal rate of return (IRR) of over 20% and a multiple on invested capital (MOIC) of 1.8x. Financial institutions involved include Banco Santander and J.P. Morgan as Joint Global Coordinators, while Citi, Societe Generale, and Crdit Agricole served as Joint-Bookrunners. As a result of the equity raise, Neinor's share count will rise, while main shareholders Orion Capital, Stoneshield, and ADAR will hold a combined 60% stake. The shares are slated for trading on the Spanish Stock Exchange in late June 2025. The acquisition serves as a pivotal step in maintaining strategic growth and positioning Neinor as a leading European real estate platform focusing on long-term value creation for its shareholders.