In a press release, Azora said it will request the admission of listing of both new and existing shares, in an operation in which Goldman Sachs (NYSE: GS) and UBS (SIX: UBSG) Limited will act as global entities coordinators.
Specifically, it will take more than 50% of its capital in an operation with which it intends to raise some €700 million for new investments, according to market sources.
The founding partner of Azora, Concha Osácar, considered that they give to the market «a new and attractive business proposal».
Goldman will have the choice to subscribe up to 10% of the new shares to cover the overallotment of the offer, if any, or in subsequent stabilization operations.
Azora, which had revenues of €77.6 million and an EBITDA of €37.4 million in 2017, by the end of last year, managed assets worth more than €4,400 million through eight investment vehicles, according to data presented by the company, which expects to manage assets for €8,000 million in 2022.
The group manages, among others, the assets of socimi Hispania (MC: HIS), which has recently been the subject of a takeover bid by the US fund Blackstone (NYSE: BX).
Due to its status as a socimi, the horizon of Hispania was limited after having started the liquidation phase of its assets, with the obligation to sell its entire portfolio before February 2020.
With the net funds derived from the operation, the group expects to finance acquisitions of investment opportunities and strengthen its business in general.
The key areas in which the socimi will focus are the real estate assets of tourist, residential and commercial accommodation, as well as real estate debt assets. The investments you make must have the potential to generate returns above-average. In this sense, Osácar pointed out that "the company combines the exposure of classes of real estate assets still undeveloped, with the potential to generate two-digit profitability."