Azora, the Madrid-based European private equity real estate manager, has taken its US logistics portfolio past $550 mln (€505 mln) with its first US acquisition of the year.
Through one of its separate accounts, the firm has acquired a logistics facility in Miami, Florida, for $12.8 mln. The assets serves as a parking and repair centre for the Greyhound company and will add to Azora’s $550 mln US logistics portfolio and a total US AUM of $1.4 bn.
Azora entered the US market through Exan, with the creation of Azora Exan in December 2021. Azora's strategy is to focus on the residential market, where it has more than 1,000 homes under management, and also on the office, industrial and retail verticals in the main markets.
The Miami asset spans 1,913 m2 and was originally developed in 2016 as a built-to-suit for Greyhound Lines, the largest operator of intercity bus transportation in the US. Greyhound will continue to lease 100% of the space for the next five years.
Ignacio Gil-Casares, managing partner of Azora Exan, said: ‘We retain our long-held conviction for the logistics sector, as driven by supportive global megatrends, and remain active in seeking attractive opportunities for our investors in the US as we look to further strengthen our presence in this key market.’
