Fund Patron Capital, VI L.P.
Location Frankfurt, Germany
Inv. Date March 2022
Inv. Strategy Lease-Up & Reposition
  • Acquisition of Prisma, a landmark office building in Frankfurt, Germany.
  • The building was built in 2001, is currently vacant (after single tenant Deka vacated the building in December 2021) and comprises 457,000 sq ft (42,450 sq m) of space.
  • The building is located in the sub-market Niederrad which has seen significant development and diversification in recent years. Within Niederrad the asset is located in the best micro-location, immediately next to the local train station.
  • Patron envisages to reposition the building with a focus on sustainability and air quality through technical upgrades, including a new HVAC system.
Fund Patron Capital, VI L.P
Location Cranfield, UK
Inv. Date April 2022
Inv. Strategy Undervalued Assets
  • Acquisition of Cranfield University Technology Park, comprised of c. 77,000 sqft NIA across three office buildings in Cranfield, UK.
  • The buildings are located immediately alongside Cranfield University and strategically situated in the Oxford-Cambridge Innovation Arc, a key UK science, technology, and innovation corridor.
  • Let to predominantly technology-led tenants, business plan comprises improving the occupancy and rental value through active letting management and targeted capex initiatives.
Fund Patron Capital, VI L.P.
Location Southern UK
Inv. Date March 2022
Inv. Strategy Operating Business / Undervalued Assets
  • Acquisition of a property-backed school group with a portfolio of 8 high-quality schools (7 freehold and 1 leasehold).
  • Strong management team, supported by favourable supply/demand dynamics including post-COVID population inflow and the general wealth in the catchment areas that the Wishford schools are located in.
  • Business plan includes achieving revenue growth through capex improvements on existing facilities, expansions and add-on acquisitions.
Fund Patron Capital, VI L.P.
Location Daedalus, UK
Inv. Date March 2022
Inv. Strategy Development
  • Acquisition of a c.45 acre site, to develop a mixed-use light industrial and residential scheme in Daedalus, Lee-on-the-Solent, UK.
  • Lee-on-the-Solent is a seaside district of the Borough of Gosport in south England, located 5 miles west of Portsmouth and 80 miles southwest of London, with an association with the Ministry of Defence and the aviation industry.
Fund Patron Capital, VI L.P.
Location Poland
Inv. Date March 2022
Inv. Strategy Undervalued Assets
  • Develop pre-let food-anchored convenience retail parks in regional Polish cities with a 30-min catchment area of min. 20k inhabitants, in high density residential areas with low existing saturation of retail space
  • JV with Trei (experienced retail developer and manager); assets operated under Trei’s Vendo Park brand,  anchoring the quality of the product offering with a repeat tenant mix across sites
Fund Patron Capital, VI L.P.
Location
Inv. Date December 2021
Inv. Strategy
  • The Program represents a good opportunity to invest in Milan which is the fastest growing city in Italy driven by a strong local economic and population growth and has strong demand (high) / supply (low) dynamics for new residential housing targeting local middle income buyers.
  • The Partnership will focus on the purchase of existing buildings or land suitable for re-development typically in semi-central / peripheral areas of Milan, where we believe the majority of the opportunities will arise at a value which achieves the Fund’s returns target.
  • The intention is to acquire sites with no zoning risk (where residential development is already allowed).
Fund Patron Capital, VI L.P.
Location Sweden (Various)
Inv. Date October 2021
Inv. Strategy Undervalued Assets

Acquisition of a portfolio of 37 healthcare properties (freehold) leased by operators active in the learning disability and mental healthcare market in Sweden together with Broadgate Asset Management.

Fund Patron Capital, VI L.P.
Location Leeds, UK
Inv. Date December 2021
Inv. Strategy Undervalued Mixed-use Asset
  • The property is made up of 80,000sq/ft of Retail, 85,000sq/ft of Office and 278 space car park let to Q Parks on a long lease.
  • Plan is to invest significant capex primarily in the retail and office spaces,
    • The office space investment will concentrate on the re gearing existing tenants and upgrading and re-letting 12,000sq/ft of vacant space.
    • The retail space investment will concentrate on repositioning 17,000sq/ft of retail units to food and beverage use catering for local need, as well as leasing up 10,000sq/ft of vacant space.
Fund Patron Capital, VI L.P.
Location Rotterdam, Netherlands
Inv. Date January 2022
Inv. Strategy Undervalued asset
  • Acquisition of the 8,721 sqm office part of the De Westerlaantoren mixed use office & residential building in Rotterdam, Netherlands
  • Undermanaged, high-quality asset with significant value-add potential in a strong micro-location within the Rotterdam submarket with limited supply of Grade A office space
Fund Patron Capital, VI L.P.
Location Ludwigsburg, Germany
Inv. Date January 2022
Inv. Strategy Undervalued Assets
  • Acquisition of a 78.9k sqm office and light-industrial complex (comprising 7 buildings spread across 3 adjoining plots) in Ludwigsburg, Germany
  • Significant redevelopment potential into a modern multi-tenant office and light industrial/R&D scheme
  • Established light industrial/production location within the greater area of Stuttgart, an excellent macro location
Fund Patron Capital, VI L.P.
Location Ireland
Inv. Date September 2021
Inv. Strategy Real Estate Portfolios / Credit
  • Funding a platform to originate Home Reversions acquisitions in Ireland (trading as Home Plus)
  • Demand driven by large NPL and maturing mortgage market
Fund Patron Capital, VI L.P.
Location UK
Inv. Date April 2021
Inv. Strategy Undervalued Assets
  • Plan to invest to create a portfolio of temporary accommodation, longer-term affordable housing or key worker accommodation assets within two to three years by acquiring and refurbishing existing or new built undervalued properties into better quality affordable housing stock in the UK
  • Partner with Oak Housing and it’s shareholders BMOR, T&B Capital
  • First asset acquired in April 2021 – West Drayton comprising a hotel block (27 bed), apartment block (4*2 bed apartment) plus a 4-bed houses for a total GIA of c.14k sq.ft, situated short distance from West Drayton station (soon offering Crossrail station) and close to Heathrow airport, London.
Fund Patron Capital, VI L.P.
Location UK
Inv. Date February 2021
Inv. Strategy Undervalued Assets
  • Plan to invest to create a portfolio of mid-market Purpose Built Student Accommodation assets within two to three years by acquiring and refurbishing generally smaller 5 - 10 existing undervalued student housing properties (c.1,000 beds)  into better usable space in key student cities in the UK
  • First asset acquired in February 2021 - Beech Gardens comprising 9 buildings (242 beds) on a 2.87 acre site, situated in the affluent residential area of Edgbaston, a suburb of Birmingham
Fund Patron Capital, VI L.P.
Location Hook & Camberley, UK
Inv. Date
Inv. Strategy Reposition & Redevelop
  • Acquisition of two distressed UK office assets located within the M3 office market, an established office and industrial market west of London: (i) a multi-let office park, Meadows Business Park, Camberley, Surrey, with significant vacancy (ii) three connected vacant office buildings on Bartley Wood Business Park, Hook, Hampshire.
  • Business plan envisages an extensive refurbishment and lease-up of both assets to enable investment exits once stabilised.
  • Acquired in joint venture with experienced local partner.
Fund Patron Capital, VI L.P.
Location UK
Inv. Date August 2020
Inv. Strategy Undervalued Assets
  • Investing in a portfolio of UK Prime buy-to-let (BTL) mortgages originated by the UK’s first digital mortgage lender, Molo
  • Opportunity is to invest in a diversified portfolio of low-risk BTL mortgages secured on UK residential properties that offer a strong yield
Fund Patron Capital, VI L.P.
Location Milton Keynes, UK
Inv. Date October 2020
Inv. Strategy
  • Acquisition from Milton Keynes Council of an existing office building plus the adjacent land on a 2.35 acre site in Central Milton Keynes, UK
  • The proposed business plan is to deliver a mixed use scheme including a refurbished and extended office component of c.243k sqft and c.285 new build residential units comprising of both build to rent and discounted market rent
  • The development will be delivered in JV with First Base (Partner in Edward Street Quarter investment – Fund V) and a high-quality design team, including renowned architect Rogers Stirk Harbour + Partners
Fund Patron Capital VI, L.P.
Location Barcelona
Inv. Date December 2019
Inv. Strategy

- Acquisition of large apartments in centres of major cities in Spain (Madrid, Barcelona)
- Assets rented to multiple-occupancy, such as students, capturing higher unit rents

Fund Patron Capital, VI L.P.
Location Brussels, Belgium
Inv. Date Dec 2020
Inv. Strategy Lease-Up & Reposition
  • Office building comprising 19,600 sqm lettable area in Brussel’s airport district, with significant value-add potential in a sub-market that benefits from a limited supply of quality Grade A space, low municipal taxes, strong infrastructure links via the Brussels airport and access to Belgium’s major highways
  • Strategy is to implement necessary capex works and amenity upgrades, and to lease-up the vacant space via pro-active, strategic asset management
Fund Patron Capital, VI L.P.
Location Goleniów, Poland
Inv. Date May 2020
Inv. Strategy
  • Development of c.30k sqm of logistics asset at the Goleniow Industrial Park (Noth West of Poland) in partnership with 7R SA. Majority pre-let (73%).
  • The business plan envisages the full development of the site by Q1 2021 and the lease-up of the remaining space (27%).
Fund Patron Capital, V L.P.
Location Paris, London
Inv. Date May 2018
Inv. Strategy Redevelopment & Reposition
  • Office building with 12,000 sqm on the border of Paris CBD in Levallois, with significant and unique redevelopment potential in a very prime office environment
  • Strategy is to implement an extensive capex program to fully redevelop the asset and to lease-up the newly built space
  • Acquired in joint venture with experienced local French development partner
  • Video
  • Creative Presentation Ceremony Photos September 2021
Fund Patron Capital, V L.P.
Location Sant Joan Despí, Barcelona, Spain
Inv. Date March 2021
Inv. Strategy Undervalued Assets

Acquisition of a residential block of apartments in Barcelona comprising:

    • 126 flats of 0, 1, 2, 3 and 4 bedrooms (12,058 gross sqm)
    • 198 parking spaces
    • 126 storage rooms

The assets are rented to individuals.

Strategy is to sell the units to domestic buyers once the current leases expire.

Asset management team has proven track record

Fund Patron Capital, V L.P.
Location Warsaw
Inv. Date March 2019
Inv. Strategy
  • Acquisition of the Sheraton Warsaw Hotel, an operating and highly cash generative 5-star 350 keys Hotel located in central Warsaw, on the Three Crosses Square (Plac Trzech Krzyzy) in a prime location in the heart of the embassy district.
  • The Hotel is operated by Starwood with oversight management by Algonquin (a hotel investor and operator currently managing 47 assets with AUM of €1.9bn across Europe), who will be the local partner on the transaction and investing as a minority partner.
  • The Seller was a consortium comprising Benson Elliot (47.5%), Walton Street (47.5%) and Algonquin Hotels (5%) who owned the Asset since 2015 as part of a wider portfolio of 8 assets.
Fund Patron Capital, V L.P.
Location Chamonix, France
Inv. Date December 2015
Inv. Strategy Undervalued Assets
Fund Patron Capital, V L.P., VI L.P.
Location Lisbon and Porto, Portugal
Inv. Date Nov 2015
Inv. Strategy
  • Two joint ventures formed in Portugal to explore residential and commercial opportunities targeting primarily Lisbon and Porto
  • The first JV was established in 2015 with a local residential developer to acquire existing disused or dilapidated buildings or land plots, in order to (re)develop and sell individual residential units
  • The second JV was established in 2018 with an experienced Portuguese real estate and NPL asset manager, focused on repositioning/(re)development of opportunistic properties with the objective of creating an institutional quality office portfolio
  • First investment in the Residential focused JV was made in November 2015, a 3,000sqm derelict residential building to be redeveloped that was fully sold in 2017
  • To date the Residential-focused JV has committed to a total of six investments totalling c. 450 units residential units
  • As of October 2019, three investments in the Commercial focused JV had been acquired/exchanged
  • Further pipeline of investments is under review on both JVs
  • Habitat Asset - Valrio: www.youtube.com/watch?v=ll40RFS6Enc&feature=youtu.be
Fund Patron Capital, V L.P.
Location Different locations accross Spain
Inv. Date September 2018
Inv. Strategy
  • Residential development property program joint venture with a national Spanish residential developer with the objective of investing into different projects across Spain.
  • Business Plan comprises the acquisition of the land plots, their development and thereafter the sell of the individual residential units to final buyers.
  • Currently comprises 8 sites, with a total of 435 residential units and 8 commercial units in different locations.
Fund Patron Capital, V L.P.
Location Catalonia and the Balearic Islands - Spain
Inv. Date November 2018
Inv. Strategy
  • Residential development property program joint venture with a regional Spanish residential developer with the objective of investing into different projects in Catalonia and the Balearic Islands provinces of Spain.
  • Business Plan comprises the acquisition of the land plots, their development and thereafter the sell of the individual residential units to final buyers.
  • Currently comprises 4 sites with a total of 177 residential units and 2 commercial units in different locations.
Fund Patron Capital, V L.P.
Location Different regions in Spain (Seville, Alcoy and Cuenca)
Inv. Date March 2017
Inv. Strategy Reposition
  • 3 shopping centres located across Spain with approx. 45,000 sqm of gross lettable surface
  • Strategy is acquisition of  underperforming assets and reposition 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)
  • El Mirador de Cuenca
  • Los Alcores
  • Alzamora
  • Odeón
Fund Patron Capital, V L.P.
Location Spain
Inv. Date January 2016
Inv. Strategy Undervalued 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
Fund Patron Capital, V L.P.
Location UK
Inv. Date Dec 2015
Inv. Strategy Non-core
  • In 2016, Patron acquired the Grainger Retirement Solutions business, consisting of a portfolio of over 3,500 'Home Reversion' equity release assets and an asset management platform.
  • 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
Fund Patron Capital, V L.P.
Location Brighton, UK
Inv. Date August 2017
Inv. Strategy
  • Acquisition of the old UK American Express Headquarters site (0.94 Hectares) in Brighton (South Coast of the UK, 55 miles from London) for a residential-led mixed use development
  • The investment being undertaken in joint venture with First Base, a highly regarded UK specialist urban residential and mixed use developer
  • Business plan predicated development of a 225 unit residential-led mixed use scheme de-risked through indicative offers for both the Affordable Housing and the Build to Rent elements of the scheme.
Fund Patron Capital, L.P. IV
Location Netherlands
Inv. Date Exchanged April 2012 (subject to court approval in July 2012)
Inv. Strategy Undervalued 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 was rebranded Merin in January 2013.
  • Link to Merin website: www.merin.nl/
  • Sold to Dream Global REIT in 2017
Fund Patron Capital, L.P. IV
Location Ferrol, Spain
Inv. Date July 2015
Inv. Strategy Reposition
  • 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
Fund Patron Capital, L.P. IV
Location Cartagena, Murcia, Spain
Inv. Date June 2015
Inv. Strategy Undervalued 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
Fund Patron Capital, L.P. IV
Location Italy
Inv. Date September 2012
Inv. Strategy Undervalued 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
Fund Patron Capital, L.P. III, L.P. IV & V L.P.
Location UK
Inv. Date February 2011
Inv. Strategy Operating 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 were sold to Welltower Inc. ("HCN") and the management company, Gracewell Healthcare (http://gracewell.co.uk/), to Sunrise Senior Living ("Sunrise") in 2014.

Fund IV has acquired, exchanged contracts or agreed to acquire or develop 33 premium quality care homes or retirement living communities. Currently the program has sold 19 homes to date and has 7 operating homes:

  • Development - 11 care homes forward sold to HCN and Revera Inc ("Revera");
  • Site Trade - 8 sites (3 sold);
  • Development, Sale and Leaseback - 2 homes in Bracknell and Basingstoke (pre-let to Care UK), 4 homes operated by Hamberley Care Homes in Oxford (operating), Sevenoaks (operating), Ampthill (operating) and Hailsham (operating);
  • Acquisition of operating homes - 3 homes in Dunstable, Stepney, Glasgow; and
  • Development and Operation - 4 homes in Wixams, West Byfleet, Brampton and Enfield.

The Fund V healthcare program has acquired or exchanged contracts to acquire or develop 12 homes. Currently the program has 4 operating homes and 8 developments:

Fund Patron Capital, L.P. III
Location Across UK
Inv. Date March 2008 (initial)
Inv. Strategy Operating Business / Assets Below Intrinsic Value

 

Fund Patron Capital, L.P. III
Location Krasnodar, Surgut, Izhevsk
Inv. Date October 2007
Inv. Strategy Undervalued Assets
  • Patron has entered into a joint venture with Orbit Financial 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
Fund Patron Capital, L.P. II & L.P. III
Location Bucharest and Western Romania
Inv. Date January 2007 (initial)
Inv. Strategy Undervalued 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
Fund Patron Capital, L.P. II
Location France (majority Paris)
Inv. Date February 2007 (initial)
Inv. Strategy Undervalued 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
Fund Separate Accounts
Location Other Markets
Inv. Date Various
Inv. Strategy Various
Fund Separate Accounts
Location South Africa
Inv. Date September 2013
Inv. Strategy Development / Operating business

The Seef Times - Hoffman's View Article - October 2013

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