Azora Capital, the Madrid-based European private equity manager with c. €4 billion of assets under management, enters the U.S. real estate market through the creation of AZORA EXAN by joining forces with Exan Capital, an independent real estate manager headquartered in Miami.
The transaction is an important step in Azora’s continued internationalisation strategy, adding onto its consolidated European reach and enabling Azora to have direct investment capabilities in the U.S., a market which it has identified as strategic for its future growth. This announcement comes shortly after the final close of Azora’s latest pan-European hospitality fund, which further buttresses its pan-European platform with c. €1.8bn of additional investment capacity.
Azora’s experience in identifying new investment themes and in value-add and opportunistic investments is complemented by Exan’s focus on core and core plus strategies, further enhancing both firms’ leadership in their respective markets.
Exan, with over $1.0 billion of assets under management, is led by Juan José Zaragoza and Ignacio Gil-Casares, who previously held senior positions in Banco Santander real estate business in the U.S. Since its foundation in 2013, Exan has completed more than $3 billion of real estate transactions, mostly in offices and logistics, in more than 30 markets in the U.S., primarily on behalf of high net worth and family office clients from Spain, Latin America and the Middle East.
AZORA EXAN has an ambitious growth plan in the office, residential, hospitality and senior living segments and is expected to kick off with new investments in hospitality and residential segments, in the near future.
Source : Azora