Azora to Try to Grasp €500 Million at Flotation

17/02/2014 – Cinco Dias

Grupo Azora announced preparation for becoming public. The real estate company, managing about €2.000 million in assets, targets at picking up to €500 million via “global listing (intended) for qualified and sophisticated investors”, with whom the talks have already begun.

Once the bulletin provided by the company to the Spanish regulator of the stock exchange market approved, Azora will apply for the admission to trading its assets on the Securities Markets in Spain.

Goldman Sachs and UBS are advisors at the operation.

Azora Gestión is an independent private equity firm managing about €2.300 million. It administers funds and other investment vehicles focused on the 5 principal strategies: social housing, student housing, offices, hotels and renewable energy. 50% of the assets are found in Spain and 50% out of Spain. Their investors are mainly Spanish institutions and family offices from Spain and South America. The company was founded in 2003 by Concha Osácar and Fernando Gumuzio.

Few days ago, the Spanish real estate group Lar announced its flotation as a Socimi (REIT in Spain) scheduled for 6th of March. (…).

 

Original article: Cinco Días

Translation: AURA REE

87