Anzeige
Mehr »
Login
Donnerstag, 21.11.2024 Börsentäglich über 12.000 News von 677 internationalen Medien
Von Solarenergie zu digitalen Assets: Die Strategie hinter der 75-Prozent-Rallye
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: A2DNJB | ISIN: ES0105251005 | Ticker-Symbol: 1NN
Tradegate
20.11.24
18:29 Uhr
15,240 Euro
-0,120
-0,78 %
1-Jahres-Chart
NEINOR HOMES SA Chart 1 Jahr
5-Tage-Chart
NEINOR HOMES SA 5-Tage-Chart
RealtimeGeldBriefZeit
15,04015,08015:47
15,02015,10015:42
GlobeNewswire (Europe)
85 Leser
Artikel bewerten:
(0)

Neinor Homes, SA: Neinor Homes upsizes its Green Bond to €325mn on strong demand with €1,300mn orderbook - 4x oversubscribed

Finanznachrichten News
  • Neinor's bond issuance saw strong investor demand upsizing it to €325mn while also improving Neinor's overall corporate cost of debt to 5.875% (from 6.5%) and extending maturities to 5.25 years (from 2 years)
  • The use of proceeds is mainly focused on the refinancing of the existing corporate debt (€175mn) and the remaining proceeds (€150mn) will be allocated to growth opportunities
  • Even after the upsizing and cost optimization, investors demand has largely surpassed the offer size being in excess of €1,300mn and 4x oversubscribed

MADRID, October 31, 2024 - Neinor Homes ("Neinor"; HOME SM), the leading listed residential property developer in Spain, has successfully completed its second bond issuance, upsizing the initial targeted amount to 325 million euros, with 5.25 years maturity (2030) and a cost of 5.875%, excluding Neinor's interest rate cap - even so, this entails an improvement on Neinor's overall cost of debt of 62.5bps. Moreover, the bond has received a BB- rating by Fitch and Standard & Poor's, while the corporate rating was B+.

These ratings illustrate a positive outlook for housing demand in the Spanish market underpinned by the strength of the economy and improving affordability. According to Bloomberg consensus, the Spanish economy is expected to grow by 2.8% and 2.1%, clearly outperforming the broader Euro Zone whose growth is expected to reach 0.7% and 1.2%, respectively (source: BBG consensus).

One of the key strengths highlighted by the rating agencies was the visibility over the upcoming years due to its solid orderbook with 1,761 housing units pre-sold worth more than 600 million euros in future revenues (Jun-24).

The increase in corporate debt and maturity extension is justified by the focus on growth opportunities

As explained earlier this week, the company intends to allocate 175 million euros to repay its existing corporate debt facilities. Furthermore, Neinor is looking to increase its corporate debt by an additional 150 million euros, to fund new growth opportunities that may arise in the future, either through Neinor's own acquisition programme or the partnerships with its co-investors where it has up to 400 million euros remaining to be deployed.

As of Jun-24 and adjusted by the 75 million euros dividend payments executed, Neinor has a prudent loan-to-value (LTV) of 19%. Furthermore, through this issuance the company will also extend its debt maturities from approximately two years (2026-27) to five years and a half (2030) enhancing cash flow generation in the coming years.

A successful placement 4x oversubscribed showcasing Neinor's execution track record

The bond was well received by investors, being 4x oversubscribed reflecting a clear use of proceeds that is growth oriented in a highly supportive macroeconomic backdrop where there is a structural shortage of housing supply.

Neinor pledges to invest 100% of the net proceeds on green projects

The company has issued its second Green Bond and has pledged that it will invest an amount equivalent to 100% of the proceeds in Eligible Green Projects as defined in its updated 2024 Sustainable Financing Framework. These projects will be fully aligned with the Substantial Contribution Criteria of the European Taxonomy for Green Buildings - new construction activity and will contribute to the Sustainable Development Goals (SDG), thereby fostering sustainability through a reduction of the carbon footprint of the buildings during the construction phase and best-in-class energy efficiency standards to lower life-cycle emissions. Moreover, some of the projects will also fulfil social goals by increasing supply both for rental and for sale in a market where there is a structural housing deficit, namely on affordable and social housing.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: "We are very pleased with the outcome of this issuance where institutional investors have, once again, backed up the company reflecting the trust on our execution capacity, financial discipline and vision to anticipate investment cycles in the Spanish residential market.

In the last 18-months we have shown precisely this by divesting €275mn in BTR assets to core capital, raised and deployed €800mn equity with opportunistic investors and now raised nearly €500mn corporate debt from local banks and institutional investors - these different pools of capital have directly or indirectly supported Neinor's capital market strategy delivering +60% total return YTD to our shareholders."

Jordi Argemí, Deputy CEO and CFO, stated: "We are thrilled with the strong investor demand witnessed on this issuance, which reinforces the confidence on the management team and has allowed the company to improve the quality of its corporate debt with a lower cost and extending maturities. Furthermore, this issuance will play a critical role in the execution of Neinor's strategic plan as it will allow us to continue to accelerate execution on equity efficient growth and shareholder remuneration."

* For the full regulatory announcement please refer to Neinor's webpage (https://www.neinorhomes.com/en/accionistas-inversores/regulatory-announcements)

-ENDS-

About Neinor Homes

Neinor Homes is the leading residential property developer in Spain, with a land bank to develop c12,000 homes, and a GAV to June 2024 of €1.5bn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Western and Eastern Andalusia, Levante, Basque Country and Catalonia.

Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management.

We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing.

Neinor's operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600 million shareholder remuneration plan and an investment of €1 billion in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target.

We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2007.

For more information:

NEINOR HOMES
Investor Relations Department
investor.relations@neinorhomes.com

LLYC
Elena Torres Quilis - etorresq@llyc.global
Irene Osuna Díez - iosuna@llyc.global
+34 91 563 77 22


© 2024 GlobeNewswire (Europe)
Nach Nvidia: 5 KI-Revolutionäre aus der zweiten Reihe!
Künstliche Intelligenz hat spätestens nach dem Raketenstart von Chat GPT das Leben aller verändert. Doch der Superzyklus steht nach Meinungen von Experten erst am Anfang. Während Aktien wie Nvidia von der ersten Aufwärtsentwicklung stark profitieren konnten, versprechen aussichtsreiche Player aus der

zweiten Reihe noch enormes Aufwärtspotenzial.

Im kostenlosen, exklusiven Spezialreport präsentieren wir ihnen 5 innovative KI-Unternehmen, die bahnbrechende Entwicklungen in diesem Sektor prägen könnten.

Warum sollten Sie dabei sein?
Trotz der jüngsten Erfolge steht die Entwicklung der künstlichen Intelligenz noch am Beginn eines neuen Superzyklus. Experten gehen davon aus, dass der Sektor bis 2032 global auf 1,3 Billionen US-Dollar explodieren wird, wobei ein großer Teil auf Hardware und Infrastruktur entfallen wird.

Nutzen Sie die Chance!
Fordern Sie sofort unseren brandneuen Spezialreport an und erfahren Sie, welche 5 KI-Aktien das größte Potenzial zur Vervielfachung besitzen. Dieser Report ist komplett kostenlos und zeigt Ihnen die aussichtsreichsten Investments im KI-Sektor.
Handeln Sie jetzt und sichern Sie sich Ihren kostenfreien Report!

Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.