Madrid-based European private equity manager Azora Capital is entering the U.S. real estate market through the creation of Azora Exan by joining forces with Exan Capital, an independent real estate manager headquartered in Miami.
”The transaction is an important step in Azora’s continued internationalisation strategy, adding onto its consolidated European reach and enabling Azora to have direct investment capabilities in the U.S., a market which it has identified as strategic for its future growth,” said Azora in a statement.
Azora Exan will target a broad range of real estate investments strategies in the U.S. market, including in the office, residential, hospitality and senior living segments.
This announcement comes shortly after the final close of Azora’s latest pan-European hospitality fund, which further buttresses its pan-European platform with c. €1.8bn of additional investment capacity.
Exan, with over $1 billion of assets under management, is led by Juan José Zaragoza and Ignacio Gil-Casares, who previously held senior positions in Banco Santander real estate business in the U.S.
Cristina García-Peri, Senior Partner at Azora commented: “Having already proven our ability to expand our market-leading Spanish business into Europe, across the verticals we focus on, and previously with the success of the Hispania REIT, our next strategic goal was to set foot in the U.S in order to continue growing our platform internationally. Combining Exan’s acquisition and investment capabilities with Azora’s international reach and complimentary sector expertise will allow us to offer broader and more diversified strategies to our international investor base and to better capture the global megatrends for them.”
Juan José Zaragoza, Founder of Exan Capital commented: “We are thrilled with this venture. Both companies complement each other remarkably well. On one hand, Exan has a manifestly strong ability to raise capital for Core and Core+ real estate investments throughout the US. On the other hand, Azora contributes its substantial expertise in raising capital for value-add strategies around Europe. This venture is not only sure to enrich cross-border opportunities but will also represent a considerable expansion in our companies’ business lines on both sides of the Atlantic”.