Amenabar

What Amenabar does

Amenabar (Grupo Amenabar XXI, S.L.) is a vertically integrated Spanish real estate developer and general contractor founded in 1981 and headquartered in Donostia/San Sebastián, Basque Country. The company operates four business lines — Promotion (residential development), Construction (general contracting), Resources (quarrying of Negro Markina marble and furniture manufacturing), and Concessions (long-duration infrastructure such as the 40-year Bilbao Intermodal station awarded in 2016) — under what it calls a "Modelo 360" vertically integrated operating model. It is family-owned with a minority equity stake held since 2019 by French fund Orion, and employed 507 staff as of recent disclosure.

The firm develops and builds primarily residential product across price points, with a core mid-market focus and a 2021 upward extension into luxury housing via El Jardín de la Moraleja (262 homes). It also executes Build-to-Rent projects for institutional capital, most notably a €110 million, 400+ home Valdebebas deal with Ares in 2020 that was reported as the largest BTR transaction in Spain. Customers span individual homebuyers, institutional investors (Ares, Vivenio, Inmocaixa), and public-sector clients (ADIF, Osakidetza). Revenue mix is geographically concentrated, with roughly 59% in Madrid and 30% in País Vasco, complemented by operations in Andalucía, Cataluña and Navarra and a 2021 entry into Cádiz.

Reported turnover reached €684 million in 2020 and €600 million+ in 2021, with 1,706 homes delivered in 2020 (a 62% year-on-year increase) and a multi-year pipeline of 4,500+ units. The business model captures margin across the value chain — from upstream resource extraction through construction to end-sale or rental operations — and monetizes long-duration cash flows through the concession business, providing partial insulation from residential cycle volatility.

Name

Amenabar

Legal name

GRUPO AMENABAR XXI, S.L.

Website

https://amenabar.es

Company type

Private

Founded year

1981

Operating status

Operating

Short description

Amenabar is a vertically integrated Spanish real estate developer and constructor (founded 1981, Basque Country) that develops, builds, and sells residential housing — including Build-to-Rent projects for institutional investors — for individual homebuyers, institutional capital partners, and public-sector clients across Spain.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development and Construction

NAICS

New Housing For-Sale Builders (236117), Residential Remodelers (236118), Custom Architectural Woodwork and Millwork Manufacturing (337212)

SIC

Operative Builders (1531), General Bldg Contractors - Residential Bldgs (1520), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE)

akta.pro secondary industry

New Construction & Builder Sales (BPAJAAAB)

Keywords

• Residential real estate development
• General construction services
• Build-to-rent housing
• Public infrastructure concessions
• Marble quarrying extraction

Headquarters

HQ city

Donostia-san Sebastián

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Property Development (Promoción): Amenabar designs, develops, constructs, and sells residential properties (apartments and houses) directly to end buyers. Revenue is generated through the sale of completed or off-plan homes across its portfolio of promotions in Spain. In 2021 the company delivered 1,352 homes and achieved over €600M in revenue.
2. General Construction Services (Construcción): Amenabar's construction arm builds residential, tertiary (office), and public works projects for third-party clients, including government agencies, institutions, and other developers. At end of 2019, the pending order backlog amounted to €631 million for the following three years.
3. Concessions and Strategic Projects: Amenabar operates public infrastructure under long-term concession agreements, such as the 40-year concession to operate Bilbao Intermodal station (over 11 million travelers/year), which includes parking, commercial center, hotel, and student residence components.
4. Own Resource Extraction and Manufacturing: Amenabar operates three owned quarries and a furniture manufacturing facility, producing marble (including Negro Markina) and custom furniture (kitchens and wardrobes) used in its own developments and sold externally.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Amenabar is a vertically integrated real estate developer and general contractor that designs, builds, and sells residential homes in Spain (Promoción), executes construction projects for third-party clients (Construcción), extracts and processes marble and manufactures custom furniture (Recursos), and operates long-term public infrastructure concessions (Concesiones). Its product range spans affordable social housing to luxury developments, served through 12 commercial offices and a dedicated online promotions portal, with operations concentrated in Madrid (59%) and País Vasco (30%).

Product overview

Amenabar operates as an integrated real estate and construction group with four main business lines: Promotion (residential property development), Construction (building services for own and third-party projects), Resources (marble extraction and furniture manufacturing), and Concessions (strategic public-private projects). The company also offers digital customer services through a personalization platform and mobile app, along with sustainability certifications (BREEAM, LEED, Passive House) for its developments. The portfolio includes properties across various Spanish regions ranging from affordable housing to luxury developments.

Differentiator

Problem solved

Functional benefit

Brands

• Marnemar Unique: Marble extraction division managing the Negro Markina marble quarries in Markina-Xemein, producing one of the world's most exclusive marbles.

Products and services

• Promoción (Residential Property Development and Sales) End-to-end residential real estate development and sale of new-build homes across Spain, spanning affordable housing, family homes, and luxury developments (e.g., El Jardín de la Moraleja). Targeted at individual homebuyers and institutional investors, with sales through 12 commercial offices and the amenabarpromociones.com portal. Includes build-to-rent projects delivered to institutional funds such as Ares, Vivenio, and Inmocaixa.
• Construcción (General Construction Contracting) General contractor services for residential, commercial (office, hotel), and public infrastructure projects, executed for both Amenabar's own promotions and for third-party clients including government agencies (ADIF, Osakidetza, SPRILUR, EMVS Madrid), corporates (Generali, HNA, Ilunion Hotels, Monthisa), and institutions (Basque Culinary Center, Real Sociedad, Mubil). Includes sustainable-certified delivery (BREEAM, LEED, Passive House).
• Recursos (Marble Extraction and Furniture Manufacturing) Operation of three owned quarries producing marble (including the exclusive Negro Markina marble) and a furniture factory manufacturing custom kitchens and wardrobes. Resources supply Amenabar's own residential developments and are also sold externally; the Marnemar Unique brand markets premium Negro Markina marble internationally.
• Concesiones y Proyectos Estratégicos (Public Infrastructure Concessions) Long-term public-private partnership concessions for the operation and management of public infrastructure. The flagship is the 40-year concession to operate Bilbao Intermodal station (over 11 million travelers per year), which includes 526 parking spaces, a 7,000 m² commercial center, a 168-room hotel, and a 306-room student residence. Provides recurring revenue from parking, commercial, hotel, and residential operations.
• Marnemar Unique (Negro Markina Marble Brand)

Quantifiable outcome

• Over 25,600 homes delivered since founding, with 1,352 delivered in 2021 alone
• +4 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• Osakidetza (Basque Health Service)coreStrategic or Co-development PartnerOsakidetza is the Basque public health authority commissioning Amenabar for multiple healthcare infrastructure projects including the new health center in Arrasate (Debagoiena, serving 63,000 residents) and the High Resolution Center in Zalla (7,856 m², 50 medical spaces).
• ADIFcoreStrategic or Co-development PartnerADIF (railway infrastructure manager) awarded Amenabar the contract to build a new accessible station (apeadero) in the Loiola neighborhood of Donostia, improving urban integration and rail connectivity.
• SPRILUR, S.A.coreStrategic or Co-development PartnerSPRILUR, the Basque public land development company, signed a contract with Amenabar for the construction of the Polo Sanitario de Sestao, a new healthcare complex in Sestao.
• EMVS MadridcoreStrategic or Co-development PartnerEMVS Madrid (municipal housing company) commissioned Amenabar for the construction of 102 social housing units in San Francisco Javier VI, Vallecas district, Madrid.
• Real SociedadflagshipStrategic or Co-development PartnerAmenabar and Real Sociedad are jointly developing the new women's football team headquarters 'Izan' in Zubieta, an innovative project featuring locker rooms, gym, recovery areas, and integral medical care. Amenabar executes the construction while Real Sociedad provides the project vision and use.
• Basque Culinary CentercoreStrategic or Co-development PartnerAmenabar is the construction contractor for the GOe (Gastronomy Open Ecosystem) building, a strategic project of the Basque Culinary Center with great cultural and gastronomic significance, located in San Sebastián.
• Ilunion HotelscoreImplementation/ SI/ Consulting PartnerAmenabar constructed the Ilunion San Mamés hotel (4-star, 168 rooms) at Bilbao Intermodal station for Ilunion Hotels, the hospitality division of the ILUNION group. The hotel is managed as a special employment center where over 85% of workers have some form of disability.
• HNA - Hermandad Nacional de ArquitectoscoreStrategic or Co-development PartnerHNA commissioned Amenabar to build the 3 office towers of Complejo Triada HNA in Madrid Nuevo Norte (delivered) and the renovation of the Ágora Towers (in progress) on Calle Serrano Galvache, Madrid.
• GeneraliminorStrategic or Co-development PartnerAmenabar began remodeling offices in Generali's emblematic building on Calle Orense 2, Madrid, representing a building renovation and modernization project.
• MubilcoreStrategic or Co-development PartnerMubil (Smart and Sustainable Mobility Hub) commissioned Amenabar to build its new headquarters in Zubieta, a cutting-edge facility for intelligent and sustainable mobility.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Neinor Homes: Leading Spanish for-sale residential developer and one of Amenabar's principal listed competitors, with a national footprint across Spain's major metros (Madrid, Basque Country, Cataluña, Andalucía). Closely comparable on product (new-build homes for sale), customer base, and geographic markets served.
• Habitat Inmobiliaria: Spanish residential developer with a pipeline in Madrid, Barcelona, Valencia, Sevilla, and other major metros. Directly comparable in customer base (mid-market Spanish homebuyers) and product offering (new-build for-sale homes), though smaller in País Vasco where Amenabar leads.
• Aedas Homes: Major Spanish residential developer listed on BME Growth with a national pipeline focused on Madrid, Cataluña, Levante, and Andalucía. Comparable to Amenabar on product (new-build primary residences), customer segments (first-time buyers and families), and development model.
• Vía Célere: Top-3 Spanish residential developer (formerly owned by Värde Partners, now backed by Bain Capital) operating across Madrid, Barcelona, Málaga, and other major Spanish metros. Directly comparable as a for-sale homebuilder competing in the same geographies and price segments as Amenabar.
• Metrovacesa: One of Spain's largest residential developers and landowners with a heritage land bank concentrated in Madrid, Cataluña, and the Balearic Islands. Comparable to Amenabar in scale, primary market focus (Madrid), and exposure to Spanish housing cycle dynamics.

Broad incumbents

• Ferrovial: Spanish global infrastructure and construction giant. Comparable to Amenabar's construction and concession arms — Ferrovial is the seller of the Valdebebas land bank to Amenabar — and overlaps as a major Spanish infrastructure concession operator (airports, toll roads), competing for the same public concession mandates.
• Acciona: Spanish infrastructure and construction group with significant concessions and real estate activity. Comparable to Amenabar's concessions business and to its construction arm for public infrastructure tenders; broader scope and global presence versus Amenabar's Spain-focused model.
• ACS Group / Dragados: One of the world's largest construction and infrastructure groups, headquartered in Spain. Comparable to Amenabar's Construcciones division for residential, commercial, and public-works tenders; competes for institutional and government construction mandates across Spain.

Emerging players

• Vivenio: Spanish residential rental investment platform (Axa IM backed) that is both an Amenabar institutional client (216 homes Vallecas) and a competing source of build-to-rent demand. Comparable on the institutional BTR side of the Spanish residential market.
• Inmocaixa: Spanish residential rental investment platform owned by CriteriaCaixa that commissioned Amenabar for 136 homes in Tres Cantos. Comparable as a competing institutional BTR capital allocator in the same Spanish metros where Amenabar operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xinstagram.com/amenabar.promociones
• LinkedInlinkedin.com/company/amenabargr
• Instagraminstagram.com/amenabar.promociones

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amenabar