Azora has acquired the Planetocio centre located in Collado Villalba, Madrid, in what is the first transaction of the new multi-strategy fund in the leisure segment, an investment area that shows very good growth prospects after the pandemic.
The property was built in 2001 and was owned by Axiare from 2014 until 2018, when the asset management company AEW acquired the asset for €20 million, following Axiare's decision to divest itself of non-strategic assets for the company. This transaction between AEW and Azora could have closed for approximately €16 million, according to EjePrime.
The centre has a leasable area of 21,000 square metres with an occupancy rate of 95%. Eighty per cent of its offer is entertainment-oriented, and among the companies that make up its extensive commercial and entertainment offer are leading companies in the sector such as Yelmo Cines, Media Markt and various restaurant chains, such as McDonald's and Ginos.
Planetocio overcame the challenges posed by the pandemic and achieved higher figures than its competitors thanks to its extensive leisure offer. The centre is currently maintaining steady growth in both visitor numbers (+5.8%) and sales (+9%) compared to 2022.
Azora has designed an ambitious investment plan for improvements (Capex) to renovate the facilities, with the aim of making it the best alternative for family leisure in its area of influence. In addition, the management company's plans include the implementation of a series of asset management initiatives.
According to Concha Osácar, founding partner of Azora: "We are convinced that in the current market environment the right strategy is diversification and selective investment in any type of asset that represents an opportunity to create value through repositioning, something in which we at Azora are experts".
Javier Rodríguez Heredia, Managing Partner of Azora's Real Estate Area, commented: "The acquisition of this leisure centre is part of our strategic investment commitment across the real estate spectrum and demonstrates Azora's confidence in the good opportunities offered by the sector to improve the performance of its assets by optimising their management".
Azora launched its new European multi-strategy vehicle in the first half of 2023 with EUR 270 million of equity and EUR 500 million of investment capacity. The fund has already completed 75% of its investment and its portfolio of assets includes the Hotel Chamartín, a land development in Valgrande (Alcobendas), the office complex in Monforte de Lemos 28 and a data centre in Madrid. This multi-strategy vehicle was created with the aim of investing in the real estate sector in southern Europe in a flexible manner and to take advantage of the various opportunities that are being generated, both in traditional segments such as land development and office repositioning, and in other emerging asset classes, such as residential development for rent and data centres, among others.
