Azora acquires The Planetocio Leisure Center in Madrid
Azora, a Madrid-based European private equity real estate manager, has acquired the Planetocio leisure center, which is located in the Collado Villalba suburb of Madrid.
The acquisition is the first in the leisure segment that is showing very good growth prospects post-pandemic, for Azora’s new multi-strategy investment vehicle, Multi Strategy JV II.
Originally constructed in 2001, the 21,000-square-meter (226,042-square-foot) Planetocio leisure center is 95 percent occupied with an 80 percent focus toward leisure and entertainment. The property’s tenants comprise a diverse range of leading companies in the sector, including Yelmo Cines and Media Markt, as well as several restaurant chains such as McDonald’s and Ginos. The center recovered quickly from the challenges of the pandemic, outperforming its competitors, thanks to its large leisure offer, with steady growth in both footfall and sales, which have increased 5.8 percent and 9.0 percent, respectively, this