FundPatron Capital, V L.P.
LocationChamonix, France
Inv. DateDecember 2015
Inv. StrategyUndervalued Assets
  • Acquisition of c. 7,000 sqm of existing residential asset blocks in Chamonix (France) to refurbish and resell individually
  • The Asset is located in the heart of Les Praz, the most prime residential area within the Chamonix Valley
  • La Cordée Brochure
  • La Cordée on Facebook
  • Cordee Refurbishment Begins - Pictures


FundPatron Capital, V L.P.
LocationLisbon, Porto
Inv. DateNov 2015
Inv. Strategy
  • Joint venture with local residential developer to acquire existing disused or dilapidated buildings, in order to redevelop and sell individual residential units.  The target is historic centres of Lisbon and Porto
  • First investment, Largo do Mastro, acquired in November 2015 is a 3,000sqm derelict residential building with the benefit of a planning permission to be redeveloped into 33 1 and 2 bedroom apartments
  • Contracts for a second investment, Duque de Loule have been exchanged on July 2016. The opportunity consists of the acquisition and redevelopment of 4 adjacent buildings (7,100sqm with 5,400sqm sellable area) into a new 52 apartment building complex
  • Largo do Mastro Construction update - December 2016 - Slideshow
  • Largo do Mastro Construction Pictures November 2016 - Slideshow
  • Largo do Mastro Construction Pictures September 2016 - Slideshow
  • Largo do Mastro Site Pictures July 2016 - Slideshow


FundPatron Capital, V L.P.
LocationSpain
Inv. DateJanuary 2016
Inv. StrategyUndervalued Assets
  • Acquisition of 43 retail units across Spain, totalling 41,567 sqm of GLA
  • Main tenant is El Arbol / DIA (number 2 operator in Spain)
  • Strategy is to lease-up vacant stores and optimise portfolio


FundPatron Capital, V L.P.
LocationDifferent regions in Spain (Seville, Alcoy and Cuenca)
Inv. DateMarch 2017
Inv. StrategyReposition
  • 3 shopping centres located across Spain with approx. 45,000 sqm of gross lettable surface
  • Strategy is acquisition of  underperforming assets and reposition through through a significant improvement of the tenant mix, renegotiation of current leases and in turn NOI, supported by a significant capex investment
  • Acquired in joint venture with experienced local partner, with whom Patron has already partnered in the Ferrol deal (Fund IV)


FundPatron Capital, V L.P.
LocationUK
Inv. DateDec 2015
Inv. StrategyNon-core
  • In December 2015, Patron signed the SPA to acquire the Grainger Retirement Solutions business, consisting of a portfolio of over 3,500 'Home Reversion' equity release assets and an asset management platform.
  • Transaction completed in May 2016, after regulatory approval.
  • Home reversion is an equity release product available to homeowners to sell equity in their property for a discounted value and a right to live in the property until vacancy due to death or move into long-term care.
  • Underlying real estate exposure is diversified across UK.
  • The business was acquired as a 50:50 JV with Electra Partners.
FundPatron Capital, V L.P.
LocationCologne, Germany
Inv. DateDec 2015
Inv. Strategy Redevelopment & reposition
  • Office building with 14,400 sqm lettable area on the border of Cologne's city centre, with significant and unique redevelopment potential in an economically strong and affluent city with a good micro location and excellent connections to public transport
  • Strategy is to implement an extensive capex program and to lease-up the vacant space
  • Acquired in joint venture with experienced local development partner


FundPatron Capital, V L.P.
LocationDublin, Ireland
Inv. DateFebruary 2016
Inv. StrategyUndervalued Assets
  • Acquisition of four office buildings at East Point Business Park, Dublin, Ireland
  • Buildings substantially let to six tenants at rents generally below current market levels


FundPatron Capital, V L.P.
LocationSpain
Inv. DateJuly 2016
Inv. StrategyUndervalued Assets
  • Acquisition of 4 residential blocks of apartments in Madrid, Pamplona and Valladolid comprising:
    • 163 flats of 1, 2, 3 and 4 bedrooms (17,460 gross sqm)
    • 270 parking spaces
    • 163 storage rooms
  • The assets are rented to individuals (93% occupancy at the time of acquisition).
  • Strategy is to sell the units to domestic buyers once the current leases expire (due dates range from August 2016 to July 2019)


FundPatron Capital, V L.P.
LocationSpain
Inv. DateNovember 2016
Inv. StrategyUndervalued Assets
  • Acquisition of 7 mainly office assets (4 office buildings, 2 office floors and 1 retail floor) in Madrid and Barcelona.
  • The 6 office assets are 100% leased to a single tenant.


FundPatron Capital, L.P. IV
LocationBerlin, Germany
Inv. DateApril 2015
Inv. StrategyRedevelopment & reposition
  • Office complex with approx. 51,000 sqm gross floor space in Berlin-Charlottenburg, next to the Technical University Berlin
  • Strategy is to implement an extensive capex program and to lease-up the vacant space
  • Acquired in joint venture with experienced local development partner
  • Franklinstrasse marketing movie


FundPatron Capital, L.P. IV
LocationUK
Inv. DateMarch 2013
Inv. StrategyOperating Business / Undervalued Assets
  • Acquisition of CALA, one of the UK's leading premium house builders, focussing on the affluent markets in Scotland, Midlands and the South of England.
  • Strategy is backing the management team in the execution of their business plan, and developing out/selling units utilising the extensive current land bank.
  • CALA Homes won Housebuilder of the Year, Best Medium Housebuilder and Best House at the 2012 What House? Awards.


FundPatron Capital, L.P. IV
Location
Inv. DateMay 2014
Inv. StrategyDistressed
  • Acquisition of portfolio of six non-performing commercial mortgage loans from the National Asset Management Agency (NAMA) in Ireland
  • Outstanding loan balance of €228 million owed by single connected group of borrowers
  • Loans secured on four real estate assets, primarily the Northside Shopping Centre in Dublin and the Land Centre in Warsaw
  • Press Release - 27th May 2014


FundPatron Capital, L.P. IV
LocationNetherlands
Inv. DateExchanged April 2012 (subject to court approval in July 2012)
Inv. StrategyUndervalued Assets / Distressed Seller
  • Acquisition of Uni-Invest, a distressed portfolio comprising of (at time of closing) 202 office / industrial assets spread across the Netherlands, totalling approximately 1.1 million sqm. of floor space and acquired in Joint Venture with TPG Capital.
  • Portfolio includes (at time of closing) an operating company, consisting of ca. 45 full time employees.
  • Strategy includes:
    • Restructuring and supplementing the existing management team
    • Increasing occupancy across the portfolio
    • Disposing of eject assets and well-let element of portfolio
    • Re-development of selected assets into alternative use
    • Add-on acquisitions
  • The company has been rebranded Merin in January 2013
  • Link to Merin website: www.merin.nl/

§ Acquisition of Uni-Invest, a distressed portfolio comprising of (at time of closing) 202 office / industrial assets spread across the Netherlands, totalling approximately 1.1 million sqm. of floor space and acquired in Joint Venture with TPG Capital.

§ Portfolio includes (at time of closing) an operating company, consisting of ca. 45 full time employees.

§ Strategy includes:

Ø Restructuring and supplementing the existing management team

Ø Increasing occupancy across the portfolio

Ø Disposing of eject assets and well-let element of portfolio

Ø Re-development of selected assets into alternative use

Ø Add-on acquisitions

§ The company has been rebranded Merin in January 2013.

§ Link to Merin website: www.merin.nl/



FundPatron Capital, L.P. IV
LocationFerrol, Spain
Inv. DateJuly 2015
Inv. StrategyReposition
  • Shopping centre with approx. 25,00 sqm of gross lettable surface in Ferrol, in the north - western Spain
  • Strategy is to buy an underperforming asset and reposition it through a significant improvement of the tenant mix and include some key brands, such as Inditex and H&M. Occupancy level would increase from current 80% to around 95%
  • Acquired in joint venture with experienced local partner


FundPatron Capital, L.P. IV
LocationCartagena, Murcia, Spain
Inv. DateJune 2015
Inv. StrategyUndervalued Assets
  • Acquisition of 53 tourist apartments and 45,926 sqm of land for development (17,024 sqm permitted buildability) in La Manga Club Resort
  • Strategy is to (i) refurbish the apartments and sell to end users (owners and investors) and (ii) develop the infrastructure to service the land (land levelling, utilities, drainage, road works, etc) and then divide the land into smaller plots and sell to owner occupiers or to developers
  • Acquired in joint venture with experienced local partner and owner of the resort facilities
FundPatron Capital, L.P. IV
LocationUK
Inv. DateDecember 2011
Inv. StrategyUndervalued Property / Business


FundPatron Capital, L.P. IV
Location
Inv. DateOctober 2013
Inv. StrategyOperating Business / Undervalued Assets
  • Prime second charge mortgage lending business setup in June 2014 by an experienced management team backed by Patron
  • Loans secured through second charge on residential properties in England, Wales and Northern Ireland
  • Optimum website: http://www.optimumcredit.co.uk
  • Moody's assigns "A2" rating to Optimum - Press Release Link
FundPatron Capital, L.P. IV
LocationItaly
Inv. DateSeptember 2012
Inv. StrategyUndervalued Asset
  • Purchase of two adjacent vacant properties in the historic Turin city centre
  • The strategy is to refurbish into 35 residential units with some ground floor retail and first floor office space


FundPatron Capital, L.P. IV
LocationUK
Inv. DateJune, August 2015
Inv. StrategyUndervalued Assets
  • Shared equity mortgages are loans from the housebuilders to part-fund purchase of homes by buyers and are secured through a second charge mortgage on the property
  • First acquisition - In June 2015, Patron acquired a portfolio of 941 shared equity mortgages (£24.6m outstanding balance) from Galliford Try, a UK FTSE 250 housebuilder
  • Second acquisition - In August 2015, Patron acquired a portfolio of 1,714 shared equity mortgages (£33.9m outstanding balance) from Keepmoat
  • Overall real estate exposure is diversified across England
  • Asset management for the portfolio was transferred to Optimum Credit Limited (100% owned by Patron)
FundPatron Capital, L.P. IV
LocationUK
Inv. DateMarch 2014
Inv. StrategyDistressed / Undervalued Assets

Principal strategy involves the acquisition of undervalued commercial properties in strong regional commercial centres in the UK, where significant returns can be achieved through active asset management and exiting into the institutional or private market.

  • The first asset acquired in March 2014 as part of this investment program was Centrum 4600 located on Thorpe Park in Leeds - a c. 21,000 sq ft office building, which is fully let with principle tenant Dr Oetker.
  • The second asset acquired in November 2014 of CP15 and CP25 Dartford, consists of two modern Grade A office buildings totalling c. 43,000 sq ft located on Crossways Business Park, Dartford, a commercial hub in the South East of England. Sold to CCLA at gross asset value of over £14 million in September 2015
  • The fourth asset acquired in April 2015 was a Grade A detached office building in central Leeds totalling 118,000 sq ft, with 6,600 sq ft vacant.
  • The fifth portfolioacquired in September 2015, consists of three detached office buildings (excluding the subsale asset in Leeds) located in Basingstoke, Cardiff, and Luton with a total lettable area of c.67,895 sq ft, of which 23,830 sq ft is vacant. The asset was sub-sold by Patron to local investor Allied London as part of the transaction.

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FundPatron Capital, L.P. III & L.P. IV
LocationUK
Inv. DateFebruary 2011
Inv. StrategyOperating Business / Undervalued Assets
  • Fund III developed, acquired and operated 13 homes in the South of England namely in:
  • Camberley x 2
  • Hove
  • Basingstoke
  • Fareham
  • Frome
  • Weymouth
  • Salisbury
  • Sway
  • Horley
  • Church Crookham
  • Edgbaston
  • Newmarket
  • The 12 homes (11 operational and one under construction) were sold to Welltower Inc. ("HCN") and the management company, Gracewell Healthcare (http://gracewell.co.uk/), to Sunrise Senior Living ("Sunrise") for total consideration of £153.0m. A further conditional contract for the purchase of a care home in Newbury has transferred as part of the transaction
  • As part of HCN and Sunrise Senior Living ("Sunrise") transaction, Fund IV is developing care homes for HCN where HCN will provide the majority of the required funding and will forward purchase the care homes once completed. 10 sites have been acquired or are secured under contract for the HCN development pipeline at:
  • Newbury
  • Adderbury
  • Bath
  • Sutton Coldfield
  • Woking
  • Little Bookham
  • Bournville
  • Sutton
  • Solihull
  • Lane End

In addition new sites are acquired or exchanged with third parties in Ascot, Wells, Sevenoaks, Bromsgrove



FundPatron Capital, L.P. III
LocationBerkhamsted, England
Inv. DateOctober 2008
Inv. StrategyUndervalued Assets
  • Acquisition of 920 acres of agricultural land in Hertfordshire, UK
    • Situated in the South-East of Britain, region with the highest non-urban residential land values in the country
    • Adjacent to the pleasant commuter town of Berkhamsted
    • Strong local partner with extensive planning process know-how and successful track record in extracting potential value from rural land


FundPatron Capital, L.P. III
LocationAcross UK
Inv. DateMarch 2008 (initial)
Inv. StrategyOperating Business / Assets Below Intrinsic Value


FundPatron Capital, L.P. III
LocationKrasnodar, Surgut, Izhevsk
Inv. DateOctober 2007
Inv. StrategyUndervalued Assets
  • Patron has entered into a joint venture with Barings Vostok Capital Partners, BV Retail, to acquire and develop hyper market-anchored shopping centers in important regional cities of a population below 1 million in Russia
  • Three sites acquired: Krasnodar, Surgut, Izhevsk
  • Surgut Site Photos - December 2015 (Photo 1) (Photo 2)
  • Surgut Updated Development Photos - September 2015 View Slideshow
  • Surgut Site Photos - May 2015 View Slideshow
  • Marketing Office now open in Surgut - September 2014 View PDF
  • Surgut Levelling Works - October 2008 View Slideshow
  • Surgut Site Photos - October 2008 View Slideshow


FundPatron Capital, L.P. III
LocationMilan, Italy
Inv. DateAugust 2010
Inv. StrategyUndervalued Assets
  • Investment in a strategy of purchasing existing, predominantly residential, income-producing properties in and around Milan in the Lombardy region
    • Divide building into individual units and sell off by unit, with most sold to current occupants and a minority of units sold to third parties - either future occupiers or investors
  • JV partner is Stabilfin, a private Milan based investor, developer and manager with significant experience in this strategy
  • To date:
    • Acquired:
      • Bramante - city centre Milan property with 26 residential units
      • Basiglio - two suburban Milan properties with a total of 99 units
      • Porta Romana - city centre Milan with 16 units


FundPatron Capital, L.P. II & L.P. III
LocationAcross Poland
Inv. DateApril 2005 (initial)
Inv. StrategyUndervalued Assets

Capital Park Films

  • Acquisition of a Polish operation comprising of:
  • Owner and operator of 42 commercial properties and cinemas situated in Northern Poland
  • Shopping centre in Opole (Southern Poland) - 4,139 sqm
  • Strategy includes:
    • Redevelopment of selected assets as retail / residential

Capital Park Retail

Capital Park Opportunistic

Capital Park Eurocentrum

  • Acquisition of a completed Warsaw office tower, foundation for three more towers and an empty land plot, including a complete 3-storey underground car park
  • Strategy includes:
    • Active asset management of office tower to improve income
    • Alteration of planning status to permit office development across entire site
  • www.eurocentrum.pl
  • Eurocentrum Grand Opening Photos

Capital Park Norblin

  • Acquisition of an important historical factory site in central Warsaw
  • Factory sits on 2 hectares and has significant re-development potential
  • www.artnorblin.pl

Capital Park Mazury

  • Acquisition of 467 hectares in Mazury region of northern Poland
  • Attractive area with many lakes, and a growing holiday destination
  • Strategy is to create development for second homes


FundPatron Capital, L.P. II & L.P. III
LocationBucharest and Western Romania
Inv. DateJanuary 2007 (initial)
Inv. StrategyUndervalued Assets
Acquisition of land sites in suburban Bucharest and old factory sites in key cities in Western Romania. Strategy includes:

  • Planning and permitting of sites over a 12-18 month period for primarily residential, and some retail, developments
  • Sale of a portion of the sites and retention of one or more sites for development and construction
  • Completion of retained site(s) for primarily residential apartment use in a subsequent period of 18-24 months from receipt of permits


FundPatron Capital, L.P. II
LocationFrance (majority Paris)
Inv. DateFebruary 2007 (initial)
Inv. StrategyUndervalued Assets
  • Portfolios typically comprise rented assets in secondary locations, assets to be repositioned and partially to totally vacant properties
  • To date, 3 portfolios have been acquired (Archipel, Cyclades and Mosaique)
    • total of 85 assets, 106,000 m2 with approximately 85% by value in Paris area


FundPatron Capital, L.P. II
LocationVenice, Italy
Inv. DateJune 2006
Inv. StrategyUndervalued Assets


Fundn/a
LocationIndia
Inv. DateVarious
Inv. StrategyVarious
Fundn/a
LocationOther Markets
Inv. DateVarious
Inv. StrategyVarious