Alantra advises Neinor Homes on a new joint venture with Orion Capital Managers

Oct 2026

M&A - Joint Venture/Merger

Value €111mn

Madrid – Alantra has acted as exclusive financial adviser to Aedas Homes (“AEDAS”), part of Neinor Homes Group (“Neinor”), on the formation of a new joint venture with Orion Capital Managers (“Orion”) for the development of a seed portfolio comprising nine residential projects owned by AEDAS.

Neinor is a leading Spanish residential developer, with a land bank supporting nearly 15,500 homes and €1.5bn of AuM under co-investment strategies. Orion Capital Managers is a European real estate private equity firm investing across the full spectrum of real estate, with a presence in key European markets.

Under the transaction, Orion will acquire a 90% interest in the joint venture, with Neinor retaining the remaining 10% and AEDAS continuing to lead the development of the underlying projects. The seed portfolio comprises nine residential projects with an acquisition value of €111mn and is expected to deliver 1,097 residential units.

Jorge Roa, Managing Director at Alantra, said: “This transaction builds on Neinor’s strategy of partnering with institutional capital to support the development of its residential portfolio. By combining upfront monetization with continued participation in the underlying projects, the structure aligns capital efficiency with long-term value creation. We are pleased to continue supporting Neinor as it expands this model with leading institutional investors.”

Jaime de la Herrán, Director at Alantra, added: “This joint venture with Orion provides an attractive capital solution for Neinor while preserving AEDAS’s role as development partner, reinforcing Neinor’s ability to scale its residential platform in a market characterised by strong demand and limited supply. We are delighted to have advised Neinor Homes Group on this transaction and to continue supporting our client’s strategic growth.”

This transaction further strengthens Alantra’s longstanding relationship with Neinor and represents the fourth joint venture advised by Alantra for the company since 2023, following its previous partnerships with AXA Investment Managers, Orion Capital Managers and Stoneshield. It is also the second transaction involving Orion as co-investor.