Azora

The Madrid-based manager has already hit its revised target for the vehicle, which is due for a final close by mid-year.

The age of the generalist real estate fund is over for all but a few. In its place, single-sector funds and specialist operators have emerged to meet investors’ evolving needs.

Now is a good time to deploy capital in the region’s real estate markets, say participants in PERE’s European roundtable. But political risks still cloud the outlook.

The Spanish manager has partnered with US developer Advenir to build 10,000 single-family homes and buy 5,000 existing rental units.

Banks remain a major part of Europe’s refinancing picture, but insurers are also becoming more active.

Some property owners are eschewing this higher-cost form of real estate financing, which they believe is only viable in limited cases.

As a growing number of covid-era deals underperform, investors are probing whether market timing or poor manager decisions are to blame.