Spanish fund manager Azora said on Tuesday that it is joining forces with alternative financier Oquendo Capital to promote closed-end investment vehicles dedicated to financing real estate projects and companies in Spain and Portugal.
The two partners plan to launch a first fund with an expected size of €300 mln, Azora said in a statement.
Under the strategy, Azora and Oquendo will offer financing solutions for small and medium-sized real estate transactions with a moderate risk profile.
'The creation of this alliance fits in Azora’s strategy to lead the development of new business areas backed by megatrends,' said Concha Osacar, founding partner of Azora. 'To achieve this, we have partnered with a specialised direct lending partner, which together with our vast real estate experience, will allow us to differentiate from other direct lending investors accessing a better deal flow and always with the objective to maximize returns for our investors.'
According to Alfonso Erhardt, founding partner of Oquendo, the Spanish real estate financing sector can provide 'attractive returns'. 'For this strategy Azora’s track record and management capacities make them the best partner for Oquendo and together we will lead this great market opportunity,' added Alfonso Erhardt, founding partner of Oquendo.