Azora has managed over €3 billion of residential assets on behalf of its global client base, across eight platforms focused on the rental sector.

We cover the full cycle for value creation; we are vertically integrated, with in-house development, leasing, and property management capabilities.

icon-up AuM (€M)
icon-up Buildings
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Única Cañaveral

Iconic own-development project located in Madrid and comprising 370 units for rent, primarily focused on 2&3 bedroom models. The project stands out for its architecture, sustainability (Leed Gold and EPC A) and amazing green areas, and also includes all kind of amenities for its tenants.

River Park

Emblematic residential own-development located in Madrid Río comprising a total of 383 units for sale, in 2 buildings, within one of the most iconic urban regeneration projects in Madrid, where the former Atletico de Madrid Soccer Stadium was located. Granted Breeam Good certification.

Activa Cañaveral

Turnkey project developed together with a tier-1 developer in Madrid and comprising a total of 160 units for rental. The project is focused on creating a community for young professionals looking for additional services, and maximum efficiency standards (Breeam Good & EPC A certifications).


Operational restricted building comprising 300 housing units, acquired for further transformation and repositioning, including, among others things, the renovation of units and lobbies and the incorporation of amenities such as a swimming pool, paddle court, gym, and garden areas.

Elite Crossing

210-unit garden-style multifamily property located in Atlanta that offers tenants a wide variety of amenities. The property will be repositioned through intense asset management and renovation of the units to improve their quality and the residents’ experience.


Azora launched Hispania Real Estate Investment Trust in 2014, focusing on a high-quality portfolio of real estate assets (residential, offices, and hotels). Hispania's residential portfolio was made up of 5 built-to-rent buildings in Madrid and Barcelona with a total of over 750 homes.

Megatrends driving our investments

Spain is undergoing a process of convergence with the EU in housing tenure. Up to 2 million new homes will be needed in the coming years, driven by geographic mobility and concentration in urban areas, in the context of a severe shortage of existing supply.

Azora, as a leader in affordable and quality housing infrastructure, has provided homes to more than 40,000 families in the last 20 years, promoting the generation of communities with a wide range of services that foster their cohesion. All this, with a firm commitment to sustainability and energy efficiency in homes.

José Alonso & Alfonso Aramendía Partners
José Alonso & Alfonso Aramendía

Our strategies


We provide affordable housing solutions for families and youth. We cover the full chain of value creation, from own developments to strategic agreements with Tier 1 Developers on singular projects. Our main focus is the creation of communities and experiences for our tenants with a full range of amenities and services.

Build to Sell

With our Build to Sell strategy, we focus on iconic developments with high impact on local communities. We leverage our 20+ years of experience in the residential rental housing market to identify unique opportunities to transform and regenerate urban spaces, creating vibrant and sustainable communities.


Investment Portfolio


96 buildings
9,500 units
GAV (€M)

Since 2004 Azora has been investing in rental housing through Nestar (formerly branded as Lazora). Nestar is the leading affordable rental platform in Spain with c. 9,500 units in the greatest urban areas, where higher increases in population take place. The portfolio comprises more than 1,500 newly built units with maximum efficiency standards and a smart capex plan.

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8,000-10,000 units
Investment Capacity (€M)

Brisa aims to respond to the great problem associated with the lack of affordable rental products. It is a residential build-to-rent platform focused on new developments through partnerships with tier 1 developers and own developments in top Spanish urban areas.

US Multifamily

4 buildings
1,000 units
AuM (€M)

In 2022 Azora entered the US residential multifamily segment and focused on investing in market-rent garden-style communities across the US sunbelt states, together with a value-add strategy through renovations.

River Park

2 buildings
383 units
AuM (€M)

In 2019 Azora entered one of the most emblematic urban regeneration projects in Madrid, the completion of Madrid Rio (the green corridor of the city), transforming the grounds of the former Atletico de Madrid stadium, Vicente Calderón, into an iconic development surrounded by green spaces.

Colón Viviendas

4 buildings
300 units
GAV (€M)

Launched in 2013 with the aim of investing in the Spanish affordable rental residential sector, Colón Viviendas holds 300 units in four buildings in Barcelona.

Land Portfolio

2 investments
total surface (sqm)
residential use (sqm)
residential units

The increasing scarcity of residential supply, along with a rising demand for flexible living spaces exert an upward influence on residential rents. These factors underscore the importance of generating developable land to provide new housing solutions.


Azora launched Hispania Real Estate Investment Trust in 2014 to focus on creating a high-quality portfolio of real estate assets including residential, offices and hotels located across Spain. Following its IPO in March 2014, Hispania raised over EUR1 billion from investors through three capital increases.

Through Hispania, Azora became Spain’s largest owner of resort hotel rooms with more than 13,000 keys across 46 hotels. Over the years, these hotels were gradually repositioned; so that they became managed by established operators under long-term lease contracts. In the office segment, by the end of 2018, Hispania had a portfolio of more than 156,000 sq m of space across 25 buildings in the main business districts of Madrid and Barcelona. The last tranche of the Hispania portfolio was made up of 5 built-to-rent buildings in Madrid and Barcelona with a total of over 750 homes.

In July 2018, Azora sold Hispania investment platform to Blackstone. At the time, it had EUR 2 billion of investments in hotels, over EUR 667 million in offices and over EUR 232 million in residential assets. The sale generated an internal rate of return - an annualized measure of performance - of 19% for Hispania’s shareholders. Azora concluded its management mandate for Hispania in February 2019.






AuM (€M)

Creation, together with SAREB (Spanish bad bank), of their first residential platform for rental housing, comprising first residence properties with a strong concentration in Madrid, Barcelona, and Valencia’s urban areas. The portfolio included whole buildings as well as scattered dwellings (in different buildings) and was listed as a Real Estate Investment Trust (SOCIMI).




AuM (€M)