Breaking New Ground: The Global Vision Behind Azora Exan's Rise
The halls of Santander’s Miami private banking office weren’t just where Ignacio Gil-Casares worked – they were where he and his partner spotted a crucial gap in the market. Their ultra-high-net-worth clients wanted to invest in U.S. real estate but lacked the right vehicle to do so. This observation sparked what would become a $4 billion investment journey.
“Back in 2013, my partner left the bank and started EXAN Capital to give our clients at Santander a platform to invest in the US,” Gil-Casares recalls. What began as a solution for a specific group of clients has since transformed into something far more ambitious. By 2021, the firm had established itself as a significant player in commercial real estate investment, leading to a strategic acquisition by a Spanish asset manager. The resulting merger created Azora Exan, where Gil-Casares continues as a Managing Partner, leading the firm’s expansion into new markets and investment strategies.
Under Gil-Casares’s leadership, Azora Exan has built an impressive portfolio of $2 billion in assets under management across 54 properties, becoming particularly known for their ability to close all-cash deals in prime locations. Their recent acquisition of 149 Newbury Street in Boston for $101 million exemplifies the firm’s investment philosophy. While others might have hesitated at the property’s 75% occupancy rate, the Azora Exan team saw opportunity. “Given the nature of the property, quality of it, we were sure that we’re going to be able to lease it,” Gil-Casares explains. Their instincts proved correct – new leases were signed within four months of acquisition.
This combination of conviction and capital has become increasingly valuable in today’s market. While many investors struggle with financing constraints, Azora Exan’s ability to execute all-cash transactions has opened doors to premium assets at attractive valuations. But their competitive edge goes beyond buying power – it’s built on a foundation of trust and global presence.
“We have resources in the countries that these guys are coming from,” Gil-Casares notes, describing Azora Exan’s network of international teams that maintain close relationships with investors. This global infrastructure, combined with their track record of protecting investor capital through market cycles, has created enduring partnerships with their international client base.
The formation of Azora Exan marked a significant evolution in the firm’s business model. While 70% of their business remains focused on direct deals, they’re expanding into discretionary funds and institutional investments. The company has also broadened their horizons beyond commercial real estate into multifamily properties and hospitality assets, with plans to explore opportunities in senior living and student housing.
Looking ahead, Azora Exan envisions more than just maintaining their current investment pace of $300-350 million annually. The firm is positioning itself as a truly global platform, facilitating two-way investment flows between U.S. families and European opportunities. “Our idea is to keep growing the platform, not just to bring capital to the US, but also to other countries,” Gil-Casares shares.
After eleven years in the market, Azora Exan has built something remarkable – a reputation for reliability in an industry where trust is everything. “If we like something and we put up an offer, we’re gonna stand behind it,” Gil-Casares states proudly. It’s this commitment, combined with their global vision and execution capability, that positions the firm uniquely in today’s complex market landscape.
What started in a Miami banking office has grown into something far greater – a bridge connecting global capital with premium real estate opportunities, one relationship at a time. Under Gil-Casares’s continued leadership as a Managing Partner, Azora Exan appears well-positioned to write the next chapter in its evolution as a global real estate investment leader.
