Azora has bought the concession for the operation of the Bilbao Intermodal bus station from the Amenabar Group. This is a concession until 2057 for the management of intercity buses to and from the city of Bilbao, the operation of an underground car park with 526 spaces, as well as a commercial area of 850 sqm annexed to the station.
The station, whose construction was completed in October 2019, is located in a high-traffic area and forms part of the San Mamés interchange, where Renfe Cercanías, Bilbao Metro and the city's tram services converge.
This acquisition is part of Azora's strategy of investing in real assets with high development potential that contribute to sustainability and is in addition to the acquisition of 51% of the San Sebastian bus station completed last July.
Both stations were acquired from Infrabask II, a Bilbao-based company created by Azora to invest in sustainable infrastructures. The strategy with both assets seeks to decongest traffic in city centres, promote intermodality and facilitate the recharging of electric cars.
Concha Osácar, founding partner of Azora, said: "At Azora we have a successful track record in detecting mega real estate investment trends, especially in the residential and hotel sectors, and this acquisition also demonstrates our ability to take advantage of investment opportunities in key assets with high development potential to improve the quality of life and sustainability of our cities".
Santiago Olivares, partner in charge of energy, infrastructure and sustainability investments at Azora, added: "Azora, which has extensive experience in the real estate and renewable energy sectors, has broadened the horizon of its investments to infrastructures that have an impact on the sustainability of our urban centres. It is a great satisfaction for Azora to start its seed portfolio with two assets that are so important for the cities of Bilbao and San Sebastián, such as their interurban communication hubs".