The Spanish investment manager Azora, together with the sovereign wealth fund of Singapore GIC, is going to invest 1.5 billion euros in a residential rental platform. The new fund will be backed by equity amounting to more than 600 million euros, which, supported by debt, will serve to create a portfolio of more than 8,000 homes.
The closing of this fund represents the largest amount of capital raised by a foreign investor in the build to rent segment. The great investor appetite will be reflected over the next three months as the platform formalizes the purchase of several developments for more than 200 million euros. The manager is already negotiating with property developers to buy turnkey developments, although it does not rule out the option of acquiring land and undertaking developments itself.
Read the full article in Spanish.
