25 May 2018 – Expansión
The real estate group Dazia Capital and the French private equity fund Eurazeo Patrimoine have joined forces to tackle the residential sector in Spain. This alliance is being manifested in the launch of the joint venture Dazeo.
With a time horizon of three years, Dazeo will have an investment fund from Eurzaeo amounting to €70 million to undertake acquisitions in Madrid, Barcelona, Valencia, the Costa del Sol and other urban nuclei in Spain. The joint venture, controlled by Eurazeo, will achieve a business volume of up to €250 million, according to the forecasts. The agreement has been advised by Montalbán, Cuatrecasas and Uría Menéndez.
Dazeo has been created with a portfolio comprising three buildings in Madrid on Calles Alcalá, Santa Engracia and Santa Isabel. The entity is going to begin a new build project soon in the capital’s Salamanca neighbourhood, which will comprise 23 luxury homes with gardens, a garage and a gym.
Dazia Capital will be responsible for managing the projects from the acquisition through to the development and subsequent sale of the homes with Dayra Homes, its promoter brand.
It is not the first time that Dazia has reached a such an agreement to grow and boost its business, focusing on the residential market in urban nuclei, where last year it accumulated an investment of €185 million.
In 2017, it signed an agreement with the British fund Chenavari. Over the last four years, it has acquired buildings and land with a surface area of 86,000 m2 and 500 homes in Madrid and Costa del Sol.
Daniel Mazín (pictured above) is the CEO of Dazia Capital.
Original story: Expansión (by Elisa Del Pozo)
Translation: Carmel Drake