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Azora launches Spanish residential fund, continues US expansion

The Madrid-based asset manager has announced a new vehicle focused on residential developments across Spain.

Fund Name: BRISA
Target size: €1 billion
Stage of fundraising: Launched
Launch date: January 2022

Spanish private real estate asset manager Azora has launched a new vehicle targeting the Spanish residential market, according to a press release.

It has signed an agreement with an unnamed global institutional investor to create BRISA, a new vehicle focused on build-to-rent residential developments across Spain. BRISA predicts an investment capacity of over €1 billion and will target the development of more than 8,000 units over the next five years. Capital will be deployed across a number of Spanish strategic micro-locations in and around Madrid, Barcelona, Seville, Malaga, Palma de Mallorca and Valencia, amongst others.

Azora has a track record of over 19 years investing in the Spanish residential-for-rent sector, having been the first institutional investor to enter the market in 2003. Azora has managed over €2.6 billion of residential assets on behalf its global client base.

Following its newly created partnership in the USA (Azora Exan), Azora is also finalizing the launch of a US multifamily fund focused on the Sunbelt states and with a value-add approach. Through Azora Exan, Azora will continue expanding its footprint in the US across the residential, hospitality, logistics and office sectors.