Incus Capital lends 112 million to Aedas to build 1,300 rental homes

The real estate developer Aedas Homes has closed a financing agreement with the investment company Incus Capital for 112 million euros to strengthen its strategy for the construction of rental homes (known in the real estate market as build to rent). With this alliance, the company opens a new alternative financing route.

This agreement will allow the firm led by David Martínez consolidate a dozen turnkey residential rental projects for third parties in Spain that require a total investment of 186.7 million euros. These housing developments are located in Madrid, Catalonia, the Valencian Community and Andalusia.

The international financial services firm Alantra participated in the operation as financial advisor; Deloitte as technical and commercial advisor; and DLA Piper and Garrigues as legal advisers.

Aedas projects

Total, This portfolio of promotions will add more than 1,300 homes for rent. These include the two turnkey projects sold to Inmobiliaria Vascongada and the five projects sold to the platform created between Grupo Lar and Primonial.

Specifically, the largest is the agreement closed with Lar and Primonial to promote 655 homes. The projects will be developed in Madrid, Barcelona, ​​Valencia and Alicante and therefore the buyers will pay 120 million euros. These homes are expected to be delivered from 2022.

Another of the projects included is the development formed by 300 units, in Madrid, that Aedas sold to the Sociedad Anónima Inmobiliaria Vascongada, owned by Lazora, for 43 million. These properties will be divided into two assets, one in El Cañaveral and the other in Alcalá de Henares.

Results

Aedas Homes has closed the first quarter of its fiscal year 2021/2022 -which began in April- with revenues of 107.5 million euros, which means quadrupling the figure from a year ago, according to the company communicated to the National Securities Market Commission (CNMV).

Realestate posted a net profit of 10.5 million euros, compared to losses of 4.1 million it made in its first quarter of 2020. In addition, the gross operating result (ebitda) of the company was 19.6 million.

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