Thursday, February 22, 2024

Freshfields advises Azora on the launch of BRISA

Azora has signed an agreement with a global institutional investor to create BRISA, a new vehicle focussed on build-to-rent residential developments across Spain, with a total investment capacity of more than €1 billion


Azora, the Madrid-based Global private equity real estate manager and Spain’s pioneer and largest manager of purpose-built rented residential assets, has announced that it has signed an agreement with a global institutional investor to create BRISA, a new vehicle focused on build to rent residential developments across Spain.

The size of the capital raise demonstrates the continued confidence the international investor community has in the long-term performance of the Spanish residential market and in Azora’s leading position in it.

Including leverage, BRISA will have an implied total investment capacity of comfortably over €1 billion and will target the development of more than 8,000 units over the next five years. BRISA’s strategy will be the same one Azora has implemented since the launch of its first residential vehicle back in 2003, with a primary preference for turnkey projects in long-term strategic collaborations with national and local developers but also complemented by land acquisitions for own-development opportunities, in order to ensure a sizeable and stable rhythm of production of new BTR units.

The capital will be deployed across a number of strategic micro-locations in Spain which have been identified as having fundamentals that support purpose-build PRS outperformance.

These include locations in and around Madrid, Barcelona, Seville, Malaga, Palma de Mallorca and Valencia, amongst others.

“There is still an acute shortage of good quality rental housing in Spain, most notably for affordable accommodation targeting middle income earners. BRISA aims to help alleviate that issue through the delivery of more than 8,000 sustainably developed new homes in the most supply constrained micro-locations across Spain over the coming years. The success of this capital raise demonstrates that international investors continue to recognise Azora as a market leader in Spain in general and in the residential sector in particular.”

Concha Osácar, founding partner of Azora

Freshfields´team advising Azora comprised partners Alfonso de Marcos and Bosco Montejo Alonso, counsel Ana Julia García Jiménez, and associates Alfonso Vallés, Javier Sánchez Valiente and Javier Sánchez Ballesteros.

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