Azora acquired the Planetocio leisure centre for €20m, which is located in the Collado Villalba suburb of Madrid. The acquisition is the first in the leisure segment that is showing very good growth prospects post-pandemic, for Azora’s new multi-strategy investment vehicle, Multi Strategy JV II.
Originally constructed in 2001, the 21,000m2 Planetocio leisure centre is 95% occupied with an 80% focus towards leisure and entertainment comprising a diverse range of leading companies in the sector including Yelmo Cines and Media Markt, as well as several restaurant chains such as McDonald's and Ginos. The centre recovered quickly from the challenges of the pandemic, outperforming its competitors thanks to its large leisure offer, with steady growth in both footfall and sales which have increased 5.8% and 9%, this year respectively compared to 2022.
Azora is planning a significant improvement and asset management plan for the centre, investing in renovating its facilities with the aim of transforming it into the best family leisure experience in its catchment area.
The centre benefits from numerous local bus services and the Los Negrales railway station connecting it to the local area and central Madrid. It is also located adjacent to the A-6 motorway, providing access to both the northwest of Spain and its capital city.
Concha Osacar, founding partner of Azora, said: "We are convinced that in the current market environment there is a strong opportunity to build a diversified portfolio across multiple asset classes through selective investments where we can leverage our proven ability to create value through repositioning and asset management.”
Javier Rodríguez Heredia, Managing Partner for Real Estate at Azora, added: "Through the acquisition of Planetocio we have been able to purchase a superb local entertainment, leisure and retail centre which is not only performing well but also presents us with numerous opportunities to use our asset management platform to add value. The investment forms part of our multi asset class real estate investment strategy and demonstrates our confidence in Azora’s ability to source compelling investments on behalf of clients in the current market environment."
Image provided by FTI Consulting.