Neinor Homes Secures 140 Mln Euros In Share Placement Backed By Orion

KUALA LUMPUR, Oct 30 (Bernama) -- Neinor Homes has successfully raised 140 million euros through an accelerated bookbuild (ABB) offering, issuing over 8.9 million new shares at 15.73 euros per share. (1 Euro = RM4.85)

Orion, Neinor’s largest shareholder, subscribed 100 million euros, reinforcing its long-term commitment to the company and confidence in its equity-efficient growth strategy. The remaining 40 million euros was subscribed by existing investors, following the 229 million euros ABB executed in June.

“We are very pleased with the outcome of this transaction and the continued support from Orion, which once again demonstrates its confidence in Neinor’s long-term strategy and growth potential, as well as from institutional investors who have reaffirmed their backing.

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“The proceeds will allow us to continue expanding in the most attractive segments of the Spanish market while maintaining a disciplined approach to capital deployment,” said Neinor Homes Chief Executive Officer, Borja García-Egotxeaga.

Neinor in a statement said Spain remains one of the safest residential markets globally, being structurally undersupplied, underleveraged and offering compelling long-term growth opportunities in a highly fragmented market.

Over the past 2.5 years, Neinor and its strategic partners have closed land acquisitions worth more than 2.7 billion euros to develop approximately 31,000 housing units targeting opportunistic returns.

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With the acquisition of AEDAS fully funded, Neinor expects to use net proceeds to pursue further growth opportunities in Build-to-Sell and the emerging Alternative Living segments.

-- BERNAMA