The new investment will boost the company’s portfolio to 10,100 rental homes, making it one of the largest providers of subsidised public rental housing in the country.

Nestar has already started pre-marketing of 500 homes in two new developments in Alcalá de Henares (128 homes) and in the Madrid neighbourhood of El Cañaveral (370 homes).

They will be followed by a further 268 homes in El Cañaveral (160) and Butarque (108), also in Madrid, which will be marketed in January 2023 and Q3 2023, respectively.

Additional developments will be launched in 2024, including 430 homes in Seville and 250 homes in Valdemoro.

Javier Rodríguez Heredia, Azora's senior partner in charge of real estate, said: ‘The creation of Nestar reflects the evolution of the philosophy that has been developing in the company for a long time in order to respond to the new market needs. Our intention is to make this evolution palpable through the new brand and the new assets that are being built, designed to suit both young professionals and families, where they can enjoy spaces to share experiences and create a home and a life in community.’

Concha Osácar, founding partner of Azora, added: ‘With Nestar we want to adapt to the times and re-found our affordable rental management platform, increasing the services we offer our tenants, the catalogue of properties and the qualities and also highlight the advantages of renting with a large company. With Nestar we aspire to achieve a perfect combination of professionalism and proximity, two key elements in the residential rental segment.’

Lazora is controlled by the CBRE IM fund and managed by minority partner Azora.

Since its launch in 2004, Lazora has developed more than 8,600 affordable homes throughout Spain.