Spanish investment and asset manager Azora’s is about to launch a new build-to-rent strategy in Spain where the covid crisis has accelerated trends in the sector’s favour, the firm’s head of fundraising and client development Rodrigo Cortés explained.
Covid has accelerated trends such as the difficulty that young people have in saving sufficient money for a deposit to buy housing and the supply/demand imbalances in the rented residential space. He said there is a need for 2.5 million rented residential units in the next few years and Azora, “likes the trend there”.
Azora is mainly focused on the leisure/hospitality market, rented residential property and last mile logistics, all areas which it feels are supported by long-term megatrends.
The firm has been a big believer in the hospitality and leisure sector and its latest Pan-European fund, which had raised €680 million by first close in June 2020, could be up to its hard cap of €750 million by final close this summer which would provide €1.5 billion of spending power.
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