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Spain’s Azora ventures across the Atlantic in Exan tie-up

Espirito Santo building, Miami.

Madrid-based private equity manager Azora Capital has entered the US property market through a collaboration with Miami-based Exan Capital.

The two companies have created a joint venture vehicle the creation of Azora Exan in what Azora describes as an important step in its internationalisation strategy and one which gives it direct investment capabilities in the US which it has identified as strategic for its future growth. 

Exan, founded in 2013 and which has AUM exceeding $1 billion, is led by Juan José Zaragoza and Ignacio Gil-Casares who both previously held senior positions in Banco Santander’s US property business. Since it was formed, Exan has completed more than $3 billion of property deals, mostly offices and logistics and primarily on behalf of high net worth and family office clients from Spain, Latin America and the Middle East.

Azora Exan will target the office, residential, hospitality and senior living segments and is expected to begin with deals in the hospitality and residential segments.

“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 US in order to continue growing our platform internationally,” said Cristina García-Peri, senior partner at Azora. “Combining Exan’s acquisition and investment capabilities with Azora’s international reach and complementary 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.”