Hispania Activos Inmobiliarios said in a release that Azora Gestión SGIIC SAU and Azora Capital SL have terminated their investment management agreement with the Spanish real estate investment trust following the settlement of Alzette Investment SARL's takeover offer.

Hispania will pay Azora Gestión early termination fees comprising a roughly €33.7 million base fee and a €190.8 million performance fee, according to a filing.

The REIT accepted the takeover offer by Alzette, an affiliate of private equity firm Blackstone Group LP, in July.