Banca March | The Neinor group yesterday announced the absorption of its listed rival Quabit, creating a giant in the residential development sector. The group resulting from the merger will have a land portfolio with a gross value of some €2 Bn for the development of 16,000 homes. Also a gross development value of some €4.5 Bn. The operation will place Neinor behind Metrovacesa and Aedas in Spain’s real estate ranking. Metrovacesa has land valued at €2.626 Bn for the development of 36,000 homes, while Aedas has a land bank of approximately €2.16 Bn or 15,700 homes.