Investment manager Azora has secured €270m from an unnamed sovereign wealth fund for a newly launched European real estate vehicle.
Azora said the equity commitment received for the new European multi-strategy fund gives the vehicle a total investment capacity of up to €500m.
The fund, which will mainly target assets in Southern Europe, will seek a broad range of opportunities across the entire real estate sector, the manager said.
Azora added that it also has the flexibility to consider investments of all risk levels from “development to those requiring lower levels of repositioning, as well as opportunities arising out of the uncertain current market environment”.
Cristina García-Peri, managing partner of strategy and corporate development at Azora, said: “In the current highly volatile and uncertain environment, large institutional investors rely on expert managers with a combination of in-depth real estate sector expertise, a strong track record of delivering outperformance and the ability to access a wide range of investment opportunities.”
García-Peri added that the capital raised from the sovereign wealth fund client for the latest European multi-strategy vehicle is a “significant endorsement of our ability both in this respect and of how we are able to tailor vehicles to our clients’ requirements”.
Javier Rodríguez Heredia, managing partner of Azora’s real estate arm, said: “We have already identified a strong pipeline of opportunities across different markets and sectors and look forward to deploying this capital and generating returns on behalf of this investor.”
Azora specialises in investing across the full range of real estate asset classes including residential, hotel, logistics, offices, data centres, student, senior housing and leisure. It is also promoting new lines of investment including infrastructure, sustainability and renewables. Azora will leverage its long and successful track record in these market segments to ensure the success of this new investment project.
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