Lazora fund becomes Nestar and advances 1,500 affordable rentals


After eighteen years of activity, lazorathe subsidiary of the fund sura dedicated to rental housinghas changed its name to nestarand has announced a investment of 250 million euros in the development of 1,500 affordable rental homes with the new brand in the next two years. With more than 8,600 units valued at 1,800 million euros, Lazora makes Nestar one of the great landlords in Spain, which will culminate its growth phase in 2024.

The company will then initiate a reform phase of their promotionsfor which an investment program is planned to improve energy efficiency and sustainability of more than 60 million and another for the renovation of homes and common areas of 75 million. In an informative meeting, the Azora partner and manager of Nestar Jose Alonso has confirmed that the 2% cap decreed by the Government for rent increases in contract renewals is affecting its business and is leading small owners -who represent 95% of landlords– to move their houses from the rental market to the sale market.

“Is it so removing many apartments from the rental marketbecause if this is already a segment of limited profitability, when you see that your expenses are rising and you have a ceiling on the part that you can pass on to income, what we are seeing is that people are taking their houses out of the rent to allocate them for sale” he explained.

In his opinion, in addition, a “counterproductive effect is taking place, because if you are a tenant they are only raising you two percent on the anniversary of your contract, but what is happening is that the rental price in general continues to rise, because the demand is there and the supply is decreasing,” he argued. Of the 1,500 homes that Nestar will put on the market in two years, 800 will begin to be sold in the next three months, most of them in the Community of Madrid.

The Spanish fund Azora has 15,000 units under management, the largest portfolio of residential assets built specifically for rental, distributed among the main cities, with a value close to 2,300 million euros. Founded by Concha Osácar and Fernando Gumuzio, from Santander, Azora was the first company in Spain to opt for rental housing with the launch of Lazora in 2004.


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