MADRID,Sept. 23,2024 -- Neinor,the leading listed residential Spanish developer,reaches an agreement with Merak,a holding company controlled by funds managed by BainCapital,to acquire a 10% stake in Habitat and enters into an agreement where Neinor will provide development and management services to Habitat's ongoing developments and land bank.

NEINOR HOMES THE SPANISH LEADING RESIDENTIAL PLATFORM

The largest deal closed by Neinor since 2021 to strengthen its leading position in the Spanish Market

Habitat is one of the largest homebuilders with c.8,000# land bank. Thanks to this agreement,Neinor will strengthen its leading position in the Spanish Residential Housing. Together with its strategic partners,Neinor will manage a land bank comprising c.25,000 units with an appraisal value of +€2.5bn GAV.

Achieves €1.2bn AUMs in 18-months,more than doubling its 5Y target

Within its Strategic Plan (2023-27) Neinor has placed a greater emphasis on optimising its balance sheet while pursuing equity-efficient growth. Since March-23,the company has signed other 5 partnership agreements with AXAIM,Orion Capital,Urbanitae,Octopus Real Estate and Avenue Capital for +€500mn.

Borja García-Egotxeaga,Neinor Homes' CEO comments: "This deal is bound to transform the growth paradigm in the Spanish residential sector,where in recent years existing platforms haven't been able to scale meaningfully. Today,thanks to our dealmaking and execution capacity we are strategically positioned to seize growth opportunities in ways that are highly accretive to both shareholders and co-investors. Additionally,the expected strength of the Spanish macro in the next three years is set to act as a tailwind clearly playing into our advantage. Over this period,Neinor's equity story will transition quickly from being the highest dividend yield in the EuroStoxx600 with c.30% expected return in the coming 18-months towards a double-digit earnings growth."

Jordi Argemi,Neinor Homes' Deputy CEO and CFO says: "This transaction marks a breakthrough in the execution of Neinor's Strategic Plan as it accelerates both the timing and scale of our JV business,whose value is yet to be priced by the market. So far with the €1.2bn AUMs,Neinor has far exceeded its initial expectations and deployed c.€50mn targeting +25% IRR. Moreover,we are extremely pleased that with an innovative structure,we've been able to earn Bain Capital's trust as its main partner in Spain,reinforcing our ability to manage their platform and maximise returns."

Contact:

Departamento de Relación con Inversores

investor.relations@neinorhomes.com