Neinor and Cevasa win the first major public rental housing competition

An alliance between the companies Cevasa and Neinor Homes has won the first major competition to build affordable rental housing together with the Public Administration. Through the joint partnership with the public sector Habitatge Metropolis Barcelona (HMB) they will build 4,500 homes that will have to come into operation between 2024 and 2027. The joint investment of the project will reach between 650 and 700 million euros, according to business sources.

Neinor and Cevasa have prevailed in the contest promoted by the Metropolitan Area and the Catalan capital city council and will take 50% of the capital of the HMB company. The other half of the company will correspond to the public partners.

It is a pioneering project and the largest in size in Spain in public-private collaboration to achieve affordable housing. Partners will have to market homes with below-market rents. Other Administrations, such as the Community of Madrid, have launched their own competitions and the Ministry of Transport, Mobility and Urban Agenda is also working on a plan at the state level.

Neinor and Cevasa will have to pay around 58 million euros of investment. For its part, the public sector disbursements are made with a non-monetary contribution from the land. The rest of the resources necessary to raise the housing portfolio will come from bank debt to finance the works.

The company will operate these homes for 75 years. According to the agreement, Neinor and Cevasa will charge a commission of 3% for the management of the works and another of 6% on the gross rents paid by the tenants. In the event that there is a distribution of dividend, it will be distributed at 50% between companies and the public sector.

Neinor is a listed residential developer, which has in its capital the Orion and Adar funds, among others, and which recently launched its Neinor Rental rental division, although these homes will remain outside of that perimeter. For its part, Cevasa is a Barcelona company specialized in the rental of official protection and which will be the one that manages the day-to-day operations.

The partners will promote a board of directors in HMB with four members representing the private sector and another four representing the Administration. An independent consensus will be appointed.

All the projects will be in Barcelona (which will absorb half) and its metropolitan area. The first phase is already defined with eight promotions for 600 houses. These are land in La Marina del Prat Vermell in Barcelona (two lots with capacity for about 125 homes); La Sagrera de Barcelona (106 homes); Sant Andreu Barracks (112 homes); Sant Boi de Llobregat central hall (110 homes); Cerro del Sastre de Montgat (two lots for 130 homes), and the Catalana de Sant Adrià de Besòs (57 homes).

At a price of 8.95 euros per square meter maximum

“Around 1,600 people are expected to be able to access it. On the other hand, the construction process will generate approximately more than 1,000 jobs ”, according to what the city council led by Ada Colau reported on Thursday. The consistory also detailed that with respect to the people who will end up living in the HMB homes, the flats will be awarded in accordance with the usual mechanisms of the two public administrations. These people will pay the official protection housing rental price in force at all times, which is currently a maximum of 8.95 euros per square meter.

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