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Cohen & Steers Ups Stake in Neinor, Buys 5% of Its Shares

The US firm is increasing its commitment to the Spanish market, becoming the third-largest shareholder of the developer Neinor Homes.

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The US investment firm Cohen & Steers has taken a 5.185% stake in the capital of Neinor Homes.

It has become the third-largest shareholder of the developer headed by Borja García-Egotxeaga. Specifically, its largest shareholder is the Orion fund, with just over 28% of the capital, followed by Adar Capital, which owns 19.343%. With this move, Cohen & Steers overtakes the Bank of Montreal, which holds 4.981% of the listed company.

The US company has been increasing its stake in Neinor for around two months, passing the 3% threshold in June. The firm had previously owned a stake in the Spanish developer, specifically in 2017, before exiting a year later.

Neinor Homes obtained an adjusted net profit of 49.6 million euros between January and June 2021, 532% y-o-y. Gross operating profit (EBITDA) reached €70 million, up 342%.

Read the full article in Spanish


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