Private equity real estate manager Azora has added a $12.8m (€11.8m) logistics facility in Florida to its US portfolio.

Madrid-based Azora said it has acquired the Industrial Storage Platform in Miami through one of its separate accounts, a deal that marks the firm’s first investment this year in the US market.

The 1,913sqm logistics facility serves as a parking and repair centre for intercity bus service operator Greyhound. An adjacent land parcel has the potential to be developed for industrial or mixed-use residential, and Azora said it plans to explore a number of options following the completion of Greyhound’s five-year lease.

Azora, which entered the US real estate market in 2021 via a partnership with Exan Capital, said it has a logistics portfolio worth $550m and a total assets under management of $1.4bn. Azora’s strategy is to focus on the residential sector, where it has more than 1,000 homes under management, alongside office, industrial and retail in major US markets.

Ignacio Gil-Casares, managing partner of Azora Exan, said: “We retain our long-held conviction for the logistics sector, as driven by supportive global megatrends, and remain active in seeking attractive opportunities for our investors in the US as we look to further strengthen our presence in this key market.

“This transaction represents a unique opportunity to acquire a best-in-class logistics facility located in a market with significant entry barriers. Additionally, our five-year lease with Greyhound provides the business with strong, stable day one cash flow while we explore the future development potential of the wider site.”

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