TwinPeaks Capital Acquires Doctor Esquerdo 136 from Azora for 55-Unit Residential Redevelopment in Madrid

TwinPeaks Capital has agreed to acquire Doctor Esquerdo 136, a tertiary-use building of more than 5,000 square meters located in Madrid's Retiro district, from alternative investment manager Azora, with plans to redevelop the asset into a 55-unit residential project, the companies announced July 15, 2026.

The transaction represents the first divestment from Azora's Southern Europe Opportunities III (SEO III) fund, a value-add vehicle launched in 2025 that targets residential, hotel, and data center assets primarily across Southern Europe. Colliers is handling commercialization of the planned residential development.

Property and Redevelopment Plans

Doctor Esquerdo 136 sits on one of the main arterial roads in eastern Madrid, within the Retiro district and inside the M-30 ring road. The building currently operates under tertiary use and will undergo a full conversion into new-build housing to address what Azora describes as a shortage of new residential product in the area.

The project, designed by architecture firm Cano y Escario, will deliver 55 apartments with unit types ranging from one to four bedrooms. Planned amenities include a gym, cinema room, coworking space, and a rooftop swimming pool.

Jesús Moler, managing director of TwinPeaks Capital, said: "Doctor Esquerdo 136 reflects our way of understanding real estate development: identifying locations with great potential and transforming them into projects capable of adding value to the city and its future residents. We are especially excited about this project because it combines an extraordinary location with a very attractive project, which will be one of the most relevant developments in our portfolio in Madrid."

Azora's SEO III Fund Strategy

For Azora, the sale of Doctor Esquerdo 136 represents the fund's inaugural disposition from SEO III. The vehicle focuses on value-add strategies in residential, hotels, and data centers, with Southern Europe as its primary geographic focus. Azora has described the region as a consolidated economic engine of the Eurozone.

Javier Rodríguez-Heredia, managing partner at Azora, said: "This first divestment from our SEO III fund confirms our ability to successfully execute value-creation strategies in short cycles. The transformation of an office building into a luxury residential development reflects the potential of active management and the appropriate identification of opportunities in the real estate market."

TwinPeaks Capital's Living Portfolio

TwinPeaks Capital describes itself as one of the most active developers in the living segment, with more than €500 million in assets under management. The firm said it continues to evaluate new investment opportunities in living and other sectors.

TwinPeaks was advised on the transaction by JLL, Almar Consulting, PwC, and Osborne Clarke.

Madrid Residential Market Context

Azora cited a scarcity of new-build residential product inside the M-30 as a key driver of the project's rationale. The Retiro district is a well-connected area with established services, and the addition of 55 new units through a full building conversion contributes to local housing supply.

No financial terms for the transaction were disclosed.

Sources

Azora — TwinPeaks reaches agreement with Azora for the purchase of Doctor Esquerdo 136 in Madrid and its transformation into a residential project (July 15, 2026)