Core Insights - Neinor Homes has successfully completed the sale of two build-to-rent (BTR) projects in Guadalajara and Seville to Round Hill Capital, enhancing its cash flow generation without significantly impacting its 2025 income statement [1][3] - The company has also agreed to sell three rental buildings with 128 housing units in Malaga, Alicante, and Valencia to 1810 Capital, while retaining management of these properties [2][3] - Overall, these transactions amount to approximately €50 million, contributing to Neinor's strategy of monetizing its BTR portfolio [3][4] Company Strategy - Neinor has executed a successful BTR monetization strategy, selling a total of 1,334 rental assets to institutional investors since the launch of its Strategic Plan, generating proceeds of approximately €325 million with a gross development margin of 24% [4][12] - The remaining rental assets have been shifted to a build-to-sell strategy, which is being commercialized on a retail basis [4][12] - The company aims to fund a €600 million shareholder remuneration target, having already distributed approximately €125 million in 1Q25 [6][14] Market Environment - The commercialization environment in Spain remains dynamic, supported by solid fundamentals, with Neinor pre-selling 670 build-to-sell units in 1Q25, reflecting an 86% year-on-year increase [5][6] - The Spanish residential sector continues to benefit from accumulated housing demand and improving financing conditions for homebuyers, leading to an optimistic margin outlook for FY25-26 [6][15] Company Overview - Neinor Homes is the leading residential property developer in Spain, with a land bank capable of developing approximately 12,000 homes and a gross asset value (GAV) of €1.5 billion as of December 2024 [7][8] - The company operates a fully integrated residential platform covering the entire development value chain, committed to delivering attractive risk-adjusted returns for shareholders [8][9]