Azora continues to grow in the rental housing market with the purchase of a Build to Rent (BTR) project from the developer Aedas Homes. The companies have reached an agreement to develop a project in Alcalá de Henares (Madrid) that will have more than 180 dwellings.
Specifically, the project is located in the new neighbourhood of Las Sedas and will have 1 and 2-bedroom apartments with garage and storage room. The development will also have communal areas such as a swimming pool, gymnasium, paddle tennis court and social club.
Aedas Homes plans to deliver the project to Azora in the summer of 2024, as the works, which will include a part of industrialisation, have already been started by the construction company Sanjose. With this project, Azora consolidates what is currently the largest portfolio of residential assets built primarily for the trailer in Spain, with some 15,000 units under management.
The firm headed by Concha Osácar and Fernándo Gumuzio was a pioneer in the residential rental segment in Spain when it launched its first BTR vehicle in 2003 under the name Lazora. Furthermore, in January of this year, the asset manager announced the creation of BRISA, its new BTR vehicle with an investment capacity of 1.5 billion euros. With this capital, the asset manager will invest in the development of more than 8,000 affordable and sustainable homes over the next five years. The investment will be made in strategic locations, characterised by their high rental demand, such as Madrid, Barcelona, Seville, Malaga, Palma de Mallorca and Valencia, among others.