- Azora invested in Planetocio via its Multi Strategy JV II
- Madrid-based Azora is an alternative investment manager
- The firm has €9.7bn in assets under management.
Azora has acquired Planetocio leisure centre based in Madrid, Spain.
Azora invested in Planetocio via its Multi Strategy JV II.
Planetocio is Azora’s fifth acquisition for its multi-strategy vehicle and first in the leisure sector.
The 21,000 sqm Planetocio is 80 percent leased to entertainment and dining brands. It saw steady growth in both footfall and sales which have increased 5.8 percent and 9 percent this year, respectively, compared to 2022.
“We are convinced that in the current market environment there is a strong opportunity to build a diversified portfolio across multiple asset classes through selective investments where we can leverage our proven ability to create value through repositioning and asset management,” said Concha Osácar, founding partner of Azora.
Azora plans a significant improvement and asset management plan for the centre, investing in renovating its facilities, according to a release.
Azora launched Multi Strategy JV II in the first half of 2023, having raised €270 million of equity commitments which provides an investment capacity of up to €500 million.
Madrid-based Azora is an alternative investment manager with €9.7 billion in assets under management. It has delivered a blended net IRR of 19 percent across its investments.