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9 January 2019 – Eje Prime
Azora is launching itself into the last mile logistics sector. The real estate manager has launched a vehicle to invest €250 million in premises located in the centre of cities with the aim of facilitating urban distribution and responding to the boom in e-commerce.
According to the company’s plans, the first investments will take place during the first quarter of this year. Azora will be responsible for the vehicle and will hold a minority stake in it. Meanwhile, the consultancy firm CBRE will be responsible for designing it and for supplying the real estate services, according to Expansión.
Until now, Azora and CBRE have identified almost thirty assets that fit their investment objectives until 2021. Currently, both companies are holding negotiations to purchase those properties, which include disused furniture stores, parking lots, dealerships, workshops and shopping centres inside the M-30 in Madrid and within Las Rondas in Barcelona. The properties must also have a surface area of more than 800 m2.
The assets will subsequently be leased to major logistics operators and to other transport companies, as well as to merchants and distribution companies under long-term lease contracts.
With more than €4.5 billion in assets under management, Azora is continuing to back the real estate sector after breaking its alliance with Hispania. Since then, the company has taken advantage of its experience in the sector to back the residential rental segment through the creation of a joint venture with CBRE Global Investment and Madison to achieve a portfolio of 10,000 homes within the next few years.
Original story: Eje Prime
Translation: Carmel Drake