Spain Real Estate Firm Neinor Buys Stake in Rival Habitat (1)

Neinor Homes SA has agreed to buy a stake in a Spanish real estate rival from Bain Capital LLC and take over its day-to-day operations.

Neinor has agreed to pay €31 million ($35 million) for a 10% stake in Bain-owned Promociones Habitat SA and also agreed to take over management of Habitat’s land bank, according to a statement Monday from Neinor. At the end of June, Habitat had a land bank with the capacity to develop about 8,000 residential housing units.

For several years, Spanish real estate developers such as Neinor have struggled to attract investor interest, due to a ...