Azora makes US push with new joint venture

South Beach, Miami, Florida
Exan Capital is based in Miami, Florida. (ULora/Getty Images)

Insight Comment
After creating one of the biggest pan-European hospitality funds, Azora is now going after the US market. The JV with Exan isn’t purely dedicated to hotels but it will be interesting to see what kind of mix of assets it goes for. 

European asset manager Azora is entering the US real estate market through a joint venture with Exan Capital.

The new entity, called Azora Exan, will target a number of different segments including hospitality, office, residential and senior living.

The transaction continues Azora’s internationalisation strategy with the US seen as a key focus for its future growth.  This announcement comes shortly after the final close of Azora’s latest pan-European hospitality fund.

Exan has over $1 billion of assets under management. The company is led by Juan José Zaragoza and Ignacio Gil-Casares, who previously held senior positions in Banco Santander real estate business in the US. Since its formation in 2013, Exan has completed more than $3 billion of real estate transactions, mostly in offices and logistics, in more than 30 markets across the US, primarily on behalf of high net worth and family office clients from Spain, Latin America and the Middle East. 

What They Said

Cristina García-Peri, senior partner at Azora: “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. Combining Exan’s acquisition and investment capabilities with Azora’s international reach and complimentary 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.”

Juan José Zaragoza, founder of Exan Capital: “We are thrilled with this venture.  Both companies complement each other remarkably well. On one hand, Exan has a manifestly strong ability to raise capital for Core and Core+ real estate investments throughout the US.  On the other hand, Azora contributes its substantial expertise in raising capital for value-add strategies around Europe. This venture is not only sure to enrich cross-border opportunities but will also represent a considerable expansion in our companies' business lines on both sides of the Atlantic”.

Javier Arús, managing partner – hotels, at Azora will be speaking at Questex's upcoming Resort & Residential Hospitality Forum in the Algarve between 25 and 27 October.