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HomeLatest NewsSavills IM takes over Neinor's 'Sky Homes' promotion for almost 66 million

Savills IM takes over Neinor’s ‘Sky Homes’ promotion for almost 66 million

Date: June 25, 2024 Time: 16:09:02

New purchases in the real estate sector. Despite the uncertainty that has been generated lately in the sector, the movements are reinforcing upwards. This time it was the turn of the developer Neinor Homes, which closed the sale of one of its latest developments called ‘Sky Homes’. The international real estate investment manager, Savills IM, has acquired these two properties for almost 66 million euros in this off-market operation.

As reported by the national company to the National Securities Market Commission (CNMV) on Tuesday, the asset, which Neinor Homes will continue to manage through its subsidiary Renta Garantizada, consists of 213 units -209 homes and 4 commercial premises- dis paid in those two properties. The general director of Savills Investment Management for Spain and Portugal, Fernando Ramírez de Haro, explained: “The incorporation of these assets into our portfolio allows us to consolidate ourselves in the Build to Rent segment, which presents significant growth opportunities due to the imbalance between market supply and demand,” he says.

In addition, the manager’s expert adds that “particularly in Valencia, in recent years there has been strong growth in rental demand, which has consolidated this type of asset. Spain is a country with solid fundamentals in which we invest in those opportunities that allow us to create sustainable and long-term value for our investors.”

The works were completed in November 2022, the two properties are part of the four residential towers that make up Sky Homes. In this financial year, Neinor has sold 20% of its ‘build to rent’ portfolio (destined for rental), specifically the Hacienda Homes, Lyra and Sky Homes developments, totaling 452 units, for more than 100 million. With this new sale, the company has already exceeded its targets for 2023 and continues in advanced negotiations for the sale of other assets in this segment.

It is for this very reason that the developer’s CEO, Borja García-Egotxeaga, commented that “the rental housing market is an emerging asset class in Spain and its strong growth prospects offer a very attractive investment opportunity for both developer is like for investment managers. Between 2021 and 2026 the number of rental homes is expected to increase by 700,000, while the current portfolio of new buildings is only 25-30,000 units. Neinor will be responsible for approximately 10% of the new total offer and is prepared to assume a leading role in the Spanish BTR sector”.

The ‘Sky Homes’ asset has been developed with sustainable building standards in mind and has been awarded the BREEAM ‘Good’ certificate, which is expected to be upgraded to ‘Excellent’ in the future. It has also been awarded an EPC A label, which is a significant achievement considering that Spain has one of the most restrictive EPC rating systems in Europe for multi-family homes. In addition, the building has aerothermal heat pumps in each unit and electric vehicle chargers that will be installed soon, as well as parking spaces for bicycles in the underground garage.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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