Pérez-Llorca has advised Real Estate developer Neinor on securing a €100 million five-year financing, led by Natixis -that was advised by Uría Menéndez- for its build to rent (BTR) projects
Neinor Homes will use the funds to accelerate its business objectives, taking advantage of its great origination and execution capacity, as well as the current momentum and the great opportunities currently found in the Spanish market. The €100 million will finance projects in the Corredor del Henares, Madrid, Bilbao and Málaga.
In this way, together with the previous financing granted by Banco Sabadell, BBVA, Caixabank and Grupo Santander, the developer has reached the necessary financing (€400 million) to develop 3,500 homes within the business plan of its rental line planned until 2025, and which includes the objective of building 5,000 homes in five years.
These funds not only diversify the developer’s sources of financing but also demonstrate the confidence of both national and international banks in the Neinor Homes project and in its differential strategy on the BTR, as it is the only residential platform in Spain that integrates 100% of the rental services (from land purchase to development and asset management).
Pérez.Llorca advised Neinor with a Banking & Finance team led by partner Ildefonso Arenas (pictured left), along with lawyers Soledad Mendiola (pictured top right) and Nuria Ros (pictured bottom right).
On the other hand, Uría Menéndez advised Natixis and Novobanco with a team led by counsel David López Velázquez and lawyer Carlos Montoro.