Real estate and asset investment manager Azora has acquired US$12.8 million (£9.9m) logistics facility in Miami, Florida, marking the newest addition to its US property portfolio.
The transaction was made through one of its separate accounts.
The Spanish company announced its purchase of the 1,913m2 Industrial Storage Platform, which currently acts as a maintenance and parking depot for bus operator Greyhound.
The investment represents a targeted move on Azora’s part to expand its US offering. The firm first entered the US real estate market through a partnership with real estate advisory Exan Capital back in 2021.
The company has said, following the acquisition, it plans to explore several different routes for the site once Greyhound’s five-year lease expires.
Its total logistics portfolio is reportedly worth US$550m (£429.5m), with its strategy being focused on the residential sector, as well as office, industrial and retail spaces in key US markets.
Ignacio Gil-Casares, managing partner of Azora Exan, said: “We retain our long-held conviction for the logistics sector, as driven by supportive global megatrends and remain active in seeking attractive opportunities for our investors in the US as we look to further strengthen our presence in this key market.
“This transaction represents a unique opportunity to acquire a best-in-class logistics facility located in a market with significant entry barriers. Additionally, our five-year lease with Greyhound provides the business with strong, stable day one cash flow while we explore the future development potential of the wider site.”
