Aedas Homes, the publicly listed developer largely owned by the American fund Castlelake, has closed and formalized this Wednesday the purchase of Inmobiliaria Espacio, the developer that until now belonged to the Villar Mir family, three years after its last corporate move, the acquisition of Aurea Homes from the ACR group.
The agreed price is around 50 million euros, according to Cinco Días. The amount is modest given the promoter’s high indebtedness, as it found itself in a precarious position in recent years, having to rely on non-traditional financing at higher rates to push its projects forward.
In a statement, Aedas explained that this acquisition adds a wide land bank of final plots and represents a strong boost to advance affordable housing development. “We confirm our solid position to seize the current growth opportunity in the new housing sector. This investment increases our capacity and the product offering in prime locations and provides substantial value for our shareholders,” said the company’s Chief Executive, David Martínez.
Land for 800 homes across 8 provinces
The corporate operation led by Aedas Homes effectively accelerates land acquisition by acquiring a portfolio rather than pursuing it piece by piece. In total, Inmobiliaria Espacio holds final plots capable of supporting 800 homes across the provinces of Madrid, Alicante, Valencia, Valladolid, Mallorca, Almería, Murcia, and Málaga. These will be integrated into the business portfolio of the Central, Levante and Balearic, Costa del Sol and Andalucía, and Canary Islands regional divisions of the developer.
Additionally, the deal includes a coliving project with more than 500 rooms in Valdebebas (Madrid), joining existing land already acquired in Valencia for the same purpose, and six development management contracts for coinvestor partners, to be fulfilled by its services division, as is already done for funds like King Street.
Finally, the buyer noted in the press release that the transaction includes “the addition of a locally experienced team and the integration into a well-known nationwide real estate brand with more than half a century of history and broad experience in housing development across the country.”
Neinor Homes negotiates entry into Habitat Inmobiliaria
The other major developer, Neinor Homes, is also pursuing a large corporate deal, though different from the one led by Aedas Homes. Neinor is negotiating to acquire a 10% stake in Habitat Inmobiliaria, controlled by Bain Capital, and to take over full asset management. The developer, backed by Orion, Stoneshield, and Adar Capital, aims to expand through third-party developments, earning management fees and boosting profitability without a heavy balance-sheet expansion.