TWINPEAKS REACHES AN AGREEMENT WITH AZORA TO ACQUIRE AN OFFICE BUILDING IN MADRID FOR CONVERSION INTO A RESIDENTIAL DEVELOPMENT

TWINPEAKS REACHES AN AGREEMENT WITH AZORA TO ACQUIRE AN OFFICE BUILDING IN MADRID FOR CONVERSION INTO A RESIDENTIAL DEVELOPMENT

• TwinPeaks has reached an agreement with Azora to develop a new residential project in Madrid's Retiro district, designed by Cano y Escario, which will bring 55 new homes to the Madrid housing market.
• For Azora, thetransaction represents the first divestment by of its Southern Europe Opportunities III (SEO III) fund, launched in 2025 and focused on value-add strategies across key sectors such as residential, hospitality and data centres, primarily in Southern Europe.

Madrid, July 15 2026– Azora, a leading international alternative investment management platform, has reached an agreement with TwinPeaks Capital for the sale of Doctor Esquerdo 136, a commercial building of more than 5,000 square-metres located on one of eastern Madrid’s main thoroughfares. The property will be be redeveloped into a 55-unit residential scheme.

The project will involve the comprehensive conversion of a property currently used for commercial purposes into much-needed housing, helping to address the growing demand for residential accommodation in Madrid.

Designed by the renowned architectural practice Cano y Escario and marketed by Colliers, the development has been conceived as a landmark residential development combining contemporary design, efficiency and functionality. It will comprise a 55 newly built homes, offering one- to four bedroom layouts, together with a comprehensive range of amenities, including a gym, cinema, coworking space and a rooftop swimming pool.

Doctor Esquerdo 136 will bring new residential supply to a well-established area of Madrid with excellent transport links and a wide range of local amenities, helping to increase the city’s housing stock at a time when newly built homes remain in particularly short supply within the M-30 ring road.

For Azora, the transaction represents the first divestment by its Southern Europe Opportunities III (SEO III) fund, a value-add vehicle launched in 2025 that focuses on value-add strategies across key sectors, including residential, hospitality and data centres, primarily in Southern Europe—a region that has established itself as one of the Eurozone’s strongest engines of economic growth.

As Javier Rodríguez-Heredia, Managing Partner at Azora, explains: “This first divestment by our SEO III fund demonstrates our ability to successfully execute value creation strategies within relatively short investment cycles. The transformation of an office building into a luxury residential development highlights the potential of active asset management and our ability to identify attractive opportunities in the real estate market.”

According to Jesús Moler, Managing Director at TwinPeaks Capital: “Doctor Esquerdo 136 reflects our approach to real estate development: identifying locations with outstanding potential and transforming them into projects that create lasting value for both the city and its future residents. We are particularly excited about this development because it combines an exceptional location with a highly compelling project, which will become one of the flagship developments in our Madrid portfolio,” he added.

TwinPeaks was advised on the transaction by JLL, Almar Consulting, PwC and Osborne Clarke.

With this new development, TwinPeaks continues to strengthen its position as one of the most active developers in the living sector, with more than €500 million of assets under management, while continuing to explore new investment opportunities both in the living sector and across other real estate asset classes.