Azora Capital’s US business has added an office building in Boston and a retail building in Miami Beach to its portfolio.
The asset manager’s US arm Azora Exan has acquired the 60,000sqft office building at 7 Post Office Square for $41m (€37.2m) and paid $16m for the 18,000sqft retail building at 1000 17th Street in South Beach.
Azora said it has now invested over $500m in the commercial and residential sectors in the US since its entry in 2022.
Ignacio Gil-Casares, managing partner at Azora Exan, said: “Both transactions involve trophy assets in prime locations with attractive returns and significant discounts compared to pre-pandemic prices. Unlike other investors who follow the ‘herd effect’ of not investing in these segments, Azora focuses on analysing the real estate fundamentals of properties, thus identifying opportunistic deals that generate attractive returns for our investors.”
Juan José Zaragoza, managing partner at Azora Exan, said: “We firmly believe that value creation exists in these types of asset classes, which have performed well during the pandemic and offer quality spaces that companies demand in the current market.
”Over the coming months, our strategy in the commercial segment will focus on expanding our portfolio through the acquisition of boutique office and retail assets in key US markets.”
Azora entered the US market alongside Exan in December 2021 with the creation of Azora Exan.
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