Azora, a Madrid-based European private equity real estate manager and one of Spain’s leading real estate investors, together with PGIM Real Estate, has launched PGIM Real Estate Última Milla, S.L., a new Spanish-focused last-mile logistics joint venture.
PGIM Real Estate, on behalf of its European value-add strategy, and Azora will jointly fund the joint venture, while Azora will source, underwrite and manage the portfolio. The joint venture will be the first pure-play investment vehicle focused on last-mile logistics assets in Spain, which is one of the largest and most attractive European markets for this asset class.
The joint venture will be funded with €75 million ($88 million) in initial equity commitments, providing a total investment capacity of over €150 million ($177 million), which it expects to deploy over the next two to three years. The joint venture will seek high-quality last-mile logistics opportunities with strong sustainability credential
