Azora has acquired the Planetocio leisure centre in Madrid on behalf of its European multi-strategy investment vehicle Multi Strategy JV II.
Located in the Collado Villalba suburb of Madrid, the 21,000 sqm Planetocio leisure centre is 95 per cent occupied with an 80 per cent focus towards leisure and entertainment and dining brands.
This acquisition is Multi Strategy JV II’s fifth since its launch in the first half of 2023 and its first in the leisure segment which has recovered strongly post-pandemic. Compared to 2022, footfall and sales at the centre have increased 5.8 per cent and 9 per cent respectively.
Following the acquisition, Azora plans to commence a repositioning and refurbishment programme for the centre.
Why it matters
Azora launched Multi Strategy JV II in the first half of 2023 having raised €270 million of equity commitments, providing an investment capacity of up to €500 million. The vehicle is already 75% invested and the focus of leisure and hospitality is yet another nod to the sector which has recovered in leaps and bounds post-pandemic.
What they said
Javier Rodríguez Heredia, managing partner for Real Estate at Azora said: "Through the acquisition of Planetocio, we have been able to purchase a superb local entertainment, leisure and retail centre which is not only performing well but also presents us with numerous opportunities to use our asset management platform to add value. The investment forms part of our multi asset class real estate investment strategy and demonstrates our confidence in Azora’s ability to source compelling investments on behalf of clients in the current market environment."
Concha Osácar founding partner of Azora added: "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.”