European private equity manager Azora Capital has entered the US real estate market via a partnership with Exan Capital.
Azora Capital said it has partnered with the Miami-headquartered real estate manager to form Azora Exan.
The Azora Exan venture intends to target the office, residential, hospitality and senior living sector. It plans to begin with new investments in the hospitality and residential segments.
Cristina García-Peri, a senior partner at Azora Capital, said: “Having already proven our ability to expand our market-leading Spanish business into Europe, across the verticals we focus on, and previously with the success of the Hispania REIT, our next strategic goal was to set foot in the US in order to continue growing our platform internationally.
“Combining Exan’s acquisition and investment capabilities with Azora’s international reach and complimentary sector expertise will allow us to offer broader and more diversified strategies to our international investor base and to better capture the global megatrends for them.”
Juan José Zaragoza, founder of Exan Capital, said: “Both companies complement each other remarkably well. On one hand, Exan has a manifestly strong ability to raise capital for core and core-plus real estate investments throughout the US. On the other hand, Azora contributes its substantial expertise in raising capital for value-add strategies around Europe.
“This venture is not only sure to enrich cross-border opportunities but will also represent a considerable expansion in our companies’ business lines on both sides of the Atlantic.”
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