Through an agreement with a global institutional investor, Azora has created a new vehicle focused on 'build to rent' residential, which will invest more than 1,000 million euros over the next five years.
The objective of Brisa, as the new vehicle is called, is to create 8,000 new rental homes, either through strategic agreements with national and local developers for the acquisition of turnkey projects, or through the acquisition of land for its own development .
With this vehicle, Azora will focus "on strategic locations, characterized by their high demand for rental housing, such as Madrid, Barcelona, Seville, Malaga, Palma de Mallorca and Valencia, among others", explains the company founded by Concha Osácar and Fernando Gumuzio.
In the operation, Lazard has acted as private placement agent for the capital raising and Freshfields Bruckhaus Deringer and Clifford Chance have acted as legal advisors. The operational management and marketing of the asset portfolio will be carried out by Azzam, a subsidiary of Azora specialized in property management and leasing, and which currently manages more than 15,000 residential rental units on behalf of Azora and other institutional investors.
"There is a huge shortage of quality rental housing in Spain, especially affordable accommodation aimed at middle-income people. Brisa aims to help solve this problem by delivering up to 8,000 new, sustainably developed homes to the locations with greater limitation of supply in Spain in the coming years", said Osácar.
With a history of almost 20 years investing in the Spanish residential rental sector, Azora has managed more than 2,600 million euros in residential assets for its global client base, through seven different platforms.
