Neinor Homes successfully acquires over 79% of AEDAS, fulfilling its objective of securing a controlling interest before year-end

Core Insights - Neinor Homes has successfully completed its first Voluntary Tender Offer for AEDAS Homes, acquiring a 79.20% stake by purchasing 34,610,761 shares at €21.335 per share, totaling approximately €740 million [1][9] - Following the acquisition, Neinor's Deputy CEO and CFO, Jordi Argemí, will join AEDAS's Board of Directors, replacing the former director Eduardo D'Alessandro [2] - Neinor plans to launch a subsequent mandatory tender offer at €24.00 per share, a 12.5% premium over the voluntary offer price, pending regulatory approval [3][9] Company Positioning - The acquisition strengthens Neinor's position as Spain's leading listed residential developer, enhancing scale, capital efficiency, and long-term visibility in a critical market moment [4] - The company aims to focus on developing high-quality housing across Spain, delivering long-term value for stakeholders [4][5] - Neinor is positioned to create the largest homebuilder in a fragmented market, driving significant long-term value for shareholders [5] Operational Strategy - Neinor has a fully owned land bank to develop approximately 11,900 homes, with a Gross Asset Value (GAV) exceeding €1.4 billion as of June 2025 [6] - The company operates a comprehensive residential platform covering the entire development value chain, from land acquisition to sales and marketing [7] - Neinor employs a multi-sector strategy, including Build-to-Rent (BTR), Build-to-Sell (BTS), and senior living rental markets, which are largely untapped in Spain [8] Financial Outlook - The company has a 5-year business plan initiated in March 2023, which includes a €600 million shareholder remuneration plan and a €1 billion investment in new land acquisitions, targeting a +20% Internal Rate of Return (IRR) [10] - Spain is highlighted as one of the most attractive residential markets globally, with strong supply and demand fundamentals and a resilient macroeconomic outlook [11]