Azora Exan pays $78m for office complex in Cincinnati, Ohio

Azora Exan pays $78m for office complex in Cincinnati, Ohio

Azora, through its subsidiary Azora Exan, has acquired a portfolio of two first-class office buildings spread across 28,000 square meters in Cincinnati, Ohio for $78 million.

The office complex is used as the administrative arm of the Cincinnati Children’s Hospital, and both properties are fully leased to the Cincinnati Children’s Hospital Medical Centre, with a WAULT of 10 years.

The complex is located at 400 Oak St., comprising Vernon Manor and 2905 Vernon Place, and sits near the hospital’s network of clinical campuses and the city’s central business district, as well as being positioned approximately 24 km from Cincinnati’s International Airport.

This acquisition marks the latest addition to Azora’s commercial portfolio in the U.S., with Azora Exan also acquiring two offices in Chicago and Miami, and two shopping centres in Florida in 2022, as part of its non-discretionary strategy of investing in Core, Core Plus, Value Add and Opportunistic opportunities across the office, industrial and retail sectors of key U.S. markets.

Azora entered the U.S. market through its strategic partnership with Exan, and the subsequent creation of Azora Exan in December 2021.

Ignacio Gil-Casares, Managing Partner of Azora Exan, commented: “Azora Exan is meeting its investment objectives in the U.S. market, and retains its conviction around our nondiscretionary strategy focused on acquiring boutique office buildings located in prime locations within the business districts of major U.S. cities.”

Fernando Pérez-Hickman, Managing Partner of Azora América, added, “We are very satisfied with the development of our residential and commercial U.S. strategies, both of which contribute to the acceleration of our investment plan to successfully consolidate a diverse portfolio of assets across key U.S. markets. Having been able to identify and execute a number of sizeable transactions in 2022 is testament to both our 20+ year track record as a real estate investment manager and our local expertise in our target markets.”