This vehicle was established in 2007 to invest in real estate assets - largely office buildings - in Eastern Europe, principally Poland and the Czech Republic. The divestment was completed at the end of 2019. At that stage Azora Europa had acquired more than 100,000 sq m of gross leasable area with an occupancy rate of close to 100%.

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 they be managed by established operators under long-term lease contracts. In the office segment meanwhile, 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 550 homes.

In July 2018, Azora sold the investment platform Hispania 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.