Neinor Homes acquires over 79% of AEDAS, fulfilling its objective of securing a controlling interest before year-end

Madrid, 17 December, 2025 – Neinor Homes, Spain’s leading listed residential developer, announces that it has successfully completed the first Voluntary Tender Offer for AEDAS Homes, securing a 79.20% stake in the company after acquiring 34,610,761 shares at a price of €21.335 per share, representing a total investment of c. €740mn. The acceptance period ran from 27 November to 11 December, and settlement of the transaction is expected to take place on 22 December.

Following completion, Neinor’s Deputy CEO and CFO, Jordi Argemí, will join the Board of Directors of AEDAS Homes, replacing Eduardo D’Alessandro, former director appointed by Castlelake.

By reaching the 79.20% threshold, Neinor achieves the central milestone of the acquisition roadmap for AEDAS, completing this phase of the transaction swiftly and in an orderly manner. As previously communicated to the market, Neinor has committed to launching a subsequent mandatory tender offer at €24.00 per share, representing a 12.5% premium over the voluntary offer price, subject to CNMV authorisation. The €24.00 price matches AEDAS’s share price prior to the announcement of the voluntary offer (adjusted for the dividend paid in July) and reflects the applicable regulatory considerations. This second offer will be launched as soon as regulatory approval is obtained, with the objective of maximising acceptance among the minority shareholder base and increasing Neinor’s stake in the company within an accelerated timeframe.

Beyond the transaction mechanics, Neinor highlights that the combination with AEDAS strengthens its position as Spain’s leading listed residential platform, enhancing scale, capital efficiency and long-term visibility at a decisive moment for the sector. The company reiterates that this acquisition will allow it to focus fully on its core mission: developing high-quality housing across Spain and delivering long-term value for all stakeholders.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “We are very pleased with the outcome of the first offer, which allows us to secure a controlling interest in AEDAS exactly as committed to the capital markets back in June.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: “This milestone is a clear step change for Neinor and for the Spanish residential sector, positioning us to create the largest homebuilder in a highly fragmented market and to drive meaningful long-term value for shareholders.”