Norges Bank and Azora negotiate 510 million euro Spanish rental portfolio

Norges Bank Investment Management (Nbim) and Azora are in exclusive negotiations to acquire a residential portfolio in Spain valued at approximately 510 million euros. The portfolio consists of roughly 1,910 rental properties, primarily located in Madrid, with additional assets in Seville, Bilbao, Malaga, and Valencia.

The assets were developed between 2023 and 2025 by Vía Célere in a joint venture with Greystar, which held a 55% stake in the portfolio. The sale follows a period of financial fluctuation for Vía Célere; the company reported a 20% drop in profits for 2025, reaching 64.9 million euros compared to 81.4 million euros the previous year.

The acquisition by the Norwegian sovereign wealth fund highlights increasing interest in the Spanish real estate market. This follows a separate recent agreement by Nbim to purchase eight shopping centers in Spain for approximately 1.52 billion euros.