It is in talks with private equity groups to form a joint venture to set up the fund.
Azure, based in Luxembourg with offices in the UK and Germany, is committing around £100m in equity and is in talks to partner with three other private equity/real estate fund investors to raise a further £300m, which will then be leveraged to take the available funds to invest to £1bn.
Over the past few months Azure has been identifying and negotiating the acquisition of hotels, in the UK and across Europe, to be held in the fund.
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