Neinor Homes signs c.€45mn turnkey deal for affordable rental project in Barcelona

MADRID, July 21, 2025 - Neinor Homes (“Neinor”), Spain’s leading listed residential developer, has closed the forward sale of a turnkey affordable housing development in the municipality of Esplugues de Llobregat (Barcelona) for c.€45mn.

The transaction covers the future delivery of a subsidized residential building within the broader ARE Montesa regeneration project — a strategic urban transformation initiative spearheaded by Neinor. The company has led the planning and execution of the ARE Montesa regeneration, managing the land transformation from its former industrial use and overseeing all urbanization and infrastructure works.

The land plot was acquired in 2022 with the objective of developing c.900 housing units across six residential developments. To date, five projects — NOBA I through NOBA V — are at various stages of development, collectively these comprise c.700# expected to be delivered between 2025-27.

This forward sale corresponds to the sixth and final project in the sector, which will deliver approximately 180 affordable rental units comprising 16,672 sqm of residential buildable area and 2,852 sqm of commercial space and will be fully dedicated to affordable rental housing.

The delivery of the project is scheduled to take place in 2027, and the agreement has been structured as a turnkey transaction, under which Neinor will oversee the full design and construction of the building before handing it over to the buyers.

This transaction complements Neinor’s 4,500# affordable rental pipeline in Barcelona under the HMB programme

Beyond ARE Montesa, Neinor is also playing a central role in Spain’s public-private affordable housing agenda through a strategic partnership in the province of Barcelona under the Habitatge Metròpolis Barcelona (HMB) programme. The initiative is being developed in collaboration with Cevasa as private partners, and the Barcelona City Council and Barcelona Metropolitan Area (AMB) as public partners. As part of this joint venture, in which Neinor holds a 25% stake, the company will develop and manage more than 4,500 affordable rental units over a 75-year term. The project is structured in four phases, with over 1,100 units already under production, and the first completions expected by year-end 2025. All homes will be offered at rents approximately 30% below market levels, reinforcing the project's social impact and Neinor’s leadership in delivering large-scale, affordable housing in partnership with public institutions.

Additionally, Neinor has a long-standing track record in affordable and social housing for sale with +2,700# delivered since 2021

Complementary to its activity in the affordable rental segment, Neinor Homes also has a long-standing and proven track record in the delivery of affordable and social housing for sale, with more than 2,700 units completed over the past four years.

Delivered through its Neinor Essential brand, this includes 740 homes under official protection regimes and 1,963 units sold below €200,000, representing over 20% of the company’s total residential deliveries in the period. The programme reflects Neinor’s commitment to addressing housing access challenges in Spain, delivering social impact without compromising shareholder returns.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “ARE Montesa is a prime example of how we create long-term value by regenerating brownfield land into high-quality residential neighbourhoods. This site, once an industrial enclave in the heart of the Barcelona metropolitan area, is being transformed by Neinor into a vibrant community with homes for more than 1,000 families. Through our leadership in urban planning and infrastructure works, we’re not only increasing much-needed housing supply — we’re also helping build a better place to live.”

Jordi Argemí, Deputy CEO and CFO, stated: “This transaction is part of Neinor’s broader asset rotation strategy, which is key to enhancing balance sheet efficiency. By forward-selling this project, we make our capital structure more agile, improve earnings visibility and ultimately drive a higher return on equity. It reflects our disciplined approach to capital allocation while continuing to support Spain’s affordable housing goals.”