Azora, the Madrid-based European private equity real estate manager, has acquired the Planetocio leisure centre, which is located in the Collado Villalba suburb of Madrid.
The acquisition is the first in the leisure segment for Azora’s new multi-strategy investment vehicle, Multi Strategy JV II.
Originally constructed in 2001, the 21,000 M2 Planetocio leisure centre is 95% occupied with an 80% focus towards leisure and entertainment comprising a diverse range of leading companies in the sector including Yelmo Cines and Media Markt, as well as several restaurant chains such as McDonald's and Ginos.
According to its new owner, the centre recovered quickly from the pandemic, outperforming its competitors thanks to its large leisure offer, with steady growth in both footfall and sales which have increased 5.8% and 9%, this year respectively compared to 2022.
Azora is planning a significant improvement and asset management plan for the centre, investing in renovating its facilities with the aim of transforming it into the best family leisure experience in its catchment area.
Concha Osácar, founding partner of Azora, said: '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.'
Azora launched its European multi-Strategy vehicle, Multi Strategy JV II, in the first half of 2023 having raised €270 mln of equity commitments which provides an investment capacity of up to €500 mln.
The vehicle is already 75% invested having assembled a diverse portfolio of assets in the Madrid region including the Hotel Chamartín, a land development in Valgrande (Alcobendas), an office complex in Monforte de Lemos 28 and a data centre.
The vehicle’s objective is to invest across all real estate sectors, focusing on Southern Europe.