Private investment firm Azora has announced plans to raise €500 mln from institutional investors to launch a new Spanish real estate investment trust which will be known as Hispania Activos Inmobiliarios.
Private investment firm Azora has announced plans to raise €500 mln from institutional investors to launch a new Spanish real estate investment trust which will be known as Hispania Activos Inmobiliarios.
Azora has hired Goldman Sachs and UBS to market the listed fund, which will focus on investments in the office, residential and hotel sectors in Spain, according to a statement to the stock market regulator CNMV.
The Madrid-based group said it is in negotiations with various key international investors which are interested in taking part in the operation. Azora currently manages around €2 bn of assets in Spain.
Azora joins a string of Spanish property companies looking to launch or convert to REIT status after legislative changes eased listing requirements and aroused investors' interest in these structures. Last week, Spanish family-owned property company Grupo Lar announced plans to list its shares on Spain's main stock exchanges and convert to tax-efficient REIT status.
Grupo Lar intends to raise around €400 mln with the issue of 40 million new ordinary shares at a price of €10 per share. The group will seek listing under the name of Lar España Real Estate Socimi on the Madrid, Barcelona, Bilbao and Valencia exchanges.
