Neinor Homes and Stoneshield Capital Launch €150mn Partnership to Develop Premium Residential Project in Marbella

Madrid, 31 March, 2026 – Neinor Homes, Spain’s leading listed residential developer, announces the creation of a new joint venture (JV) with Stoneshield Capital to develop a residential project located in Marbella. This marks Neinor’s first vehicle in the high-end residential segment and further demonstrates the depth and scalability of its Asset Management platform.

A strategic expansion of Neinor’s Asset Management platform

This transaction is a direct expression of the value that Neinor’s Asset Management model creates for institutional partners. Through its delegated development capabilities covering land management, planning, construction oversight, and sales, Neinor enables partners to deploy capital efficiently into Spain’s residential market, with the benefit of a fully integrated platform and an established track record.

The structure reflects the alignment of interests that has defined Neinor’s approach to third-party capital: Stoneshield holds a 70% stake, with Neinor retaining the remaining 30% through the contribution of the asset from its balance sheet. This co-investment model ensures that Neinor’s incentives are directly aligned with those of its partners, reinforcing the quality and discipline with which the platform is managed.

A prime residential development in a supply-constrained market

The development will comprise 262 homes, across a total buildable residential area of more than 60,000 sqm. The project will also include a Private Members Club of more than 1,200 sqm, with amenities including spa and wellness areas, indoor and outdoor swimming pools, sports facilities, restaurant spaces, panoramic terraces, a cinema room and landscaped green areas. The overall project will generate close to 1,000 direct and indirect jobs. The development sits adjacent to the Río Real Golf Course, minutes from the beach, Marbella city centre and Puerto Banús.

Marbella continues to benefit from strong and sustained residential demand, particularly for well-located, high-quality new product, at a time when the availability of ready-to-build land remains extremely limited. The project represents one of the largest residential developments launched in Marbella in recent years, with expected revenues above €600mn over the next five years.

Continuing to scale Neinor’s Asset Management Platform with €1.3bn AUM

This transaction further reinforces the growth of Neinor’s Asset Management platform, a strategic business line launched three years ago that has become one of the largest residential development platforms in Spain. Since its launch, more than €1.3bn has been deployed through Neinor’s Asset Management platform, alongside leading institutional investors including AXA IM Alts, Orion Capital, King Street and Bain Capital, across multiple residential projects throughout Spain.

Through its delegated development model, Neinor currently manages approximately 14,000 homes across multiple partnerships, spanning build-to-sell, affordable build-to-rent, alternative living segments and now, the high-end residential segment. This diversification broadens Neinor’s client base and buyer profiles while supporting a sustained increase in deliveries and contributing to addressing Spain’s structural housing shortage.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “This partnership with Stoneshield is a further demonstration of what our Asset Management platform can deliver. We are fully aware of the global geopolitical tensions reshaping capital allocation decisions, and Spain’s position in this context could not be more compelling. Cost inflation remains a challenge across European construction markets but with the help of the Spanish administration mitigant programs, we are building robust mechanisms to manage input costs, that combined with our strengths will allow us to protect margins and deliver on our return targets. We bring the land, the expertise, and the full development capability, and our partners bring capital and conviction; we are well positioned to capture that opportunity in a disciplined and capital-efficient way.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: “Spain’s residential market continues to offer attractive risk-adjusted returns, and our ability to source, structure and deliver projects of this scale and quality sets us apart. Our co-investment approach ensures our interests are fully aligned with those of our partners at every stage of the development process. This is the model working exactly as intended.”

Juan Pepa, Founding Partner of Stoneshield Capital, commented: “Spain has established itself as one of Europe’s most resilient and attractive residential investment markets, and Marbella remains one of its most fundamentally sound locations which is also benefiting as a safe destination away from conflicts.”

Felipe Morenés, Founding Partner of Stoneshield Capital, added: “What attracted us to this partnership, beyond the market fundamentals, is the quality of Neinor’s platform. Their integrated approach from land acquisition through to delivery combined with a clear alignment of interests through co-investment is exactly what a transaction of this scale requires. We look forward to a partnership that we expect to be the first of several.”