The target price of the offer has been set at €9.62 per share. Taking as final price of the offer this target price of €9.62 per share, Azora expects to get between €455 and €500 million, depending on whether it’s applied the greenshoe (a purchase option of underwriters) or not.
Azora states that it will focus on the tourist accommodation segment with a clear focus on international tourism, hoping to invest the net funds obtained in the IPO, mostly in this segment. Azora is a pioneer in this type of assets through Hispania Activos Inmobiliarios where it’s the largest hotel owner in Spain, with more than 13,100 rooms.
The second focus of Azora will be the residential segment for rent and, in particular, the rental products in which a higher demand is expected, such as the residential rental with offer of services and the senior residencies.