Azora, a Madrid-based European private equity real estate manager, has acquired the Planetocio leisure centre, located in the Collado Villalba suburb of Madrid. The acquisition is the first in the leisure segment for Azora’s new multi-strategy investment vehicle, Multi Strategy JV II. The price was not disclosed.
Originally constructed in 2001, the 21,000sqm Planetocio leisure centre is 95% occupied with an 80% focus towards leisure and entertainment. Tenants include Yelmo Cines and Media Markt, as well as several restaurant chains including McDonald’s and Ginos.
The centre recovered quickly from the challenges of the pandemic, outperforming its competitors thanks to its large leisure offer, with steady growth in both footfall and sales which have increased 5.8% and 9%, this year compared to 2022, Azora sources said.
Azora added that it will embark on a significant improvement and asset management plan for the centre, investing in renovating its facilities “with the aim of transforming it into the best family leisure experience in its catchment area”.
Concha Osácar, founding partner of Azora, said: “We are convinced that in the current market environment there is a strong opportunity to build a diversified portfolio across multiple asset classes through selective investments where we can leverage our proven ability to create value through repositioning and asset management.”
Javier Rodríguez Heredia, managing partner for real estate at Azora, added: “Through the acquisition of Planetocio, we have been able to purchase a superb local entertainment, leisure and retail centre which is not only performing well but also presents us with numerous opportunities to use our asset management platform to add value.
“The investment forms part of our multi-asset class real estate investment strategy and demonstrates our confidence in Azora’s ability to source compelling investments on behalf of clients in the current market environment.”
Azora launched Multi Strategy JV II in the first half of 2023, having raised €270m of equity to provide an investment capacity of up to €500m.
The vehicle is already 75% invested, having assembled a portfolio in the Madrid region, including the Hotel Chamartín, a land development in Valgrande (Alcobendas), an office complex in Monforte de Lemos 28 and a data centre.
To read the latest IPE Real Assets magazine click here.
