AI Fund Awards 2018

Acquisition International - 2018 International Fund Awards 11 Azora Capital S.L. through new acquisitions and developments. In 2012 Azora raised a new fund, EnCampus, with new equity to continue investing in the asset class alongside the March Group. By 2017 there were 8 new student accommodation assets in operation and 4 additional ones under construction, increasing the platform to 9,200 beds in Spain. Since 2011 Azora has been fully involved in the management of RESA reinforcing its operating model, developing a solid commercial platform and advancing in the innovation and development of the product to reinforce its position as the student accommodation leader in Spain. During the same year, the firm has managed the company duplicating its EBITDA reaching 22 million euro, with further upside from the assets under development and the increase in EBITDA from the recently opened ones. Thanks to these prudent investments, since moving into the market Azora has created the largest private student accommodation platform in Continental Europe, recognized by its excellent operating business model and its client experience. RESA has worked on an intensive program called Grow and Live the main results of which were a new model of relationship with the residents and RESA Hub, an outstanding and internationally award- winning program of social activities to promote great awareness and integrate the residents within the residence and their new city. During 2017 Azora completed the sale of the whole business unit, including the operator RESA and the assets, to Axa and National Nederlanden, alongside Greystar as Operator. Through this sale Azora achieved for its investors an average equity multiple of 3,5x and returns of more than 35%. Ultimately, over the past 15 years Azora has given its investors the possibility of investing in unique real estate asset classes primarily in Spain, but additionally in Europe and US, always prioritizing profitability versus size. As pioneers in identifying new investment opportunities, Azora is constantly exploring new segments in which to invest, always following a rigorous investment criteria and risk analysis. Looking to the future, Azora will continue with its investment approach through the coming years, finding niche markets and investing with a different angle which allows the company to obtain higher returns than the average market returns. The company continues to see an opportunity in the hotel segment in Spain and other Mediterranean destinations, asset class in which the company will continue to bet through the coming years. Longer term, Azora will continue to seek investments in alternative real estate asset classes which has been its forte in the past, always bearing in mind its diligent and prudent investment profile to continue being a leader.