Neinor Homes has announced a fully backed €1.07 billion tender offer to acquire 100% of AEDAS Homes, executing what the company calls a “bold play” to consolidate leadership in Europe’s most dynamic housing market. Castlelake, which owns 79% of AEDAS, has signed an irrevocable agreement to sell its entire stake at €24.485 per share, providing strong deal visibility and execution certainty for the transaction expected to close in Q4 2025.
The acquisition represents a strategic opportunity for Neinor to acquire a premium portfolio comprising approximately 20,200 homes located across Spain’s most dynamic regions, with 50% concentrated in Madrid. The portfolio offers high execution certainty with 13,809 homes under production, 9,049 either under construction or completed, and 3,700 already pre-sold for €1.7 billion in future revenues. The deal has been conservatively underwritten at a 30% NAV discount, targeting a +20% IRR and 1.8x multiple on invested capital.
The transaction is backed by €1.25 billion in committed capital through a new SPV fully owned by Neinor, including €500 million in equity supported by cash and a capital raise fully underwritten by the company’s largest shareholders, plus €750 million through senior secured notes fully subscribed by Apollo-managed funds. This structure ensures Neinor maintains a conservative 20-30% loan-to-value ratio while limiting the company’s liability to its committed capital.
The highly accretive transaction will drive €150 million in earnings uplift over 2025-27, representing a 40% increase versus the Strategic Plan target and approximately 25% growth in earnings per share. Following the acquisition, Neinor has upgraded its shareholder return target to approximately €850 million by 2027, a 44% increase, with dividend per share rising from €7.1 to €9.4. The combined entity will emerge as Spain’s largest and most diversified residential developer with capacity to build and develop 43,200 homes.
“This is a once-in-a-cycle opportunity to reshape the Spanish residential market,” said Borja García-Egotxeaga, Neinor Homes’ CEO. “The combination of two best-in-class platforms comes at a pivotal moment – capitalizing on optimal market conditions and positioning Neinor as the go-to platform for institutional investors seeking exposure to the strong fundamentals of Spain’s housing sector.” Jordi Argemi, Deputy CEO and CFO, added: “This is pure value creation. We’ve acquired over €3 billion in high-quality assets at attractive prices across three landmark M&A deals – Quabit, Habitat and now AEDAS. This transaction alone adds €450 million in earnings potential, is fully funded, and delivers a +20% IRR.”
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BuiltAPI GmbH, the company pioneering API-driven data infrastructure for real estate investment and asset management, has successfully closed its latest funding round backed by industry leaders including Second Century Ventures, TDS, and Propertymark. The investment marks a major milestone as BuiltAPI expands its services across Europe and the UK, following its graduation from the REACH UK Accelerator Program.
BuiltAPI tackles one of the real estate sector’s most persistent problems: fragmented, siloed data ecosystems. The company provides a robust API framework that enables seamless connectivity between legacy systems, modern SaaS tools, and intelligent automation platforms — with interoperability, governance, and cybersecurity at its core.
“We’re building the backbone of real estate data infrastructure,” said Olga Dentzel, Co-Founder of BuiltAPI. “This funding and the support of the REACH UK program are accelerating our ability to deliver secure, scalable integrations to clients across borders.”
BuiltAPI’s technology is already making an impact with major real estate institutions such as HIH Real Estate and its fund service platform INTREAL, through their digital unit INTREAL Solutions. These collaborations highlight a shared vision for practical and scalable digital transformation in real estate asset and investment management.
“The industry doesn’t need yet another tool — it needs a connective tissue,” added Ivan Nokhrin, Co-Founder of BuiltAPI. “Our mission is to empower real estate professionals to access, share, and act on their data securely and without barriers.”
Graduation from the REACH UK Accelerator — the scale-up program backed by Second Century Ventures – marks BuiltAPI’s official entry into the UK market. The program has played a key role in unlocking investors support and refining BuildAPI’s growth trajectory.
BuiltAPI GmbH, the company pioneering API-driven data infrastructure for real estate investment and asset management, has successfully closed its latest funding round backed by industry leaders including Second Century Ventures, TDS, and Propertymark. The investment marks a major milestone as BuiltAPI expands its services across Europe and the UK, following its graduation from the REACH UK Accelerator Program.
BuiltAPI tackles one of the real estate sector’s most persistent problems: fragmented, siloed data ecosystems. The company provides a robust API framework that enables seamless connectivity between legacy systems, modern SaaS tools, and intelligent automation platforms — with interoperability, governance, and cybersecurity at its core.
“We’re building the backbone of real estate data infrastructure,” said Olga Dentzel, Co-Founder of BuiltAPI. “This funding and the support of the REACH UK program are accelerating our ability to deliver secure, scalable integrations to clients across borders.”
BuiltAPI’s technology is already making an impact with major real estate institutions such as HIH Real Estate and its fund service platform INTREAL, through their digital unit INTREAL Solutions. These collaborations highlight a shared vision for practical and scalable digital transformation in real estate asset and investment management.
“The industry doesn’t need yet another tool — it needs a connective tissue,” added Ivan Nokhrin, Co-Founder of BuiltAPI. “Our mission is to empower real estate professionals to access, share, and act on their data securely and without barriers.”
Graduation from the REACH UK Accelerator — the scale-up program backed by Second Century Ventures – marks BuiltAPI’s official entry into the UK market. The program has played a key role in unlocking investors support and refining BuildAPI’s growth trajectory.
*Offer ends on Friday, 7th February.
