Azora to invest over €1b in Spanish BtR market

Azora, the Madrid-based global private equity real estate manager and Spain’s pioneer and largest manager of purpose-built rented residential assets, has signed an agreement with a global institutional investor to create BRISA, a new vehicle focused on build-to-rent (BTR) 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 more than €1 billion ($1.12 billion) and will target the development of more than 8,000 units during the next five years. BRISA’s strategy will be the same one Azora has implemented since the launch of its first residential vehicle in 2003, with a primary preference for turnkey projects in long-term strategic collaborations with national and local developers and complemented by la