Azora Capital and Exan Capital’s US real estate investment partnership has added two office buildings in Cincinnati, Ohio worth $78m (€72m) to its portfolio.
The Azora Exan partnership, created in 2021, has acquired the fully-leased 28,000sqm portfolio of two office buildings used as the administrative arm of the Cincinnati Children’s Hospital.
Azora said the latest deal lifts Azora Exan’s total investment to more than $450m last year. Azora Exan’s previous deals during the period include the acquisition of two offices in Chicago and Miami, and two shopping centres in Florida.
The creation of Azora Exan in 2021, marked Azora’s entry into the US market. At the time, Azora said the Azora Exan venture intends to target the office, residential, hospitality and senior-living sectors.
Last year, Azora Exan partnered with One Real Estate Investments (OREI) to create ONE Azora Exan Multifamily Fund I, a fund seeking to invest over $650m in value-add multifamily assets in the Sunbelt states.
Ignacio Gil-Casares, managing partner of Azora Exan, said: “Azora Exan is meeting its investment objectives in the US market, and retains its conviction around our non-discretionary strategy focused on acquiring boutique office buildings located in prime locations within the business districts of major US cities.”
Fernando Pérez-Hickman, managing partner of Azora América, said: “We are very satisfied with the development of our residential and commercial US strategies, both of which contribute to the acceleration of our investment plan to successfully consolidate a diverse portfolio of assets across key US markets.
“Having been able to identify and execute a number of sizeable transactions in 2022 is a testament to both our 20+ year track record as a real estate investment manager and our local expertise in our target markets.”
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