A large European private equity firm partners with a Miami-based fund manager to bring both international skills.
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Azora Capital, headquartered in Madrid and managing assets of 4 billion euros, works with Exan Capital through the Azora Exan joint venture. The new joint venture will focus on offices, residential, hospitality and senior living, reports IPE Real Assets.
Azora was founded in 2003 and has a strong presence in Spain, Portugal and Italy, reports the Spanish business publication Eje Prime. The company manages more than 14,000 rental apartments and expanded the Hispania REIT portfolio to 46 hotels with over 13,000 keys and then sold the platform to Blackstone in July 2018, reports Hospitality Net.
Azora’s newest European hotel fund has a portfolio of 4,600 keys in 18 hotels and an investment capacity of more than 1.8 billion euros, the outlet reported.
Meanwhile, Exan, which was founded in 2013, has more than $ 1 billion under management, CoStar reports. On behalf of wealthy clients in Spain, Latin America and the Middle East, the company has completed more than $ 3 billion in real estate transactions, primarily office and logistics investments, in 30 US markets. This month it bought two industrial properties that are rented to Amazon.
“Both companies complement each other remarkably well,” said Exan Capital founder Juan JosÃ© Zaragoza, according to IPE. “On the one hand, Exan has an obviously strong ability to raise capital for core and core-plus real estate investments in the US; on the other hand, Azora brings extensive expertise in raising capital for value-add strategies across Europe.”