Fund Patron Capital, L.P. VI
Location United Kingdom
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, L.P. VI
Location Milton Keynes
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 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.
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 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
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, V L.P.
Location Spain
Inv. Date November 2016
Inv. Strategy Undervalued 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.
Fund Patron Capital, V L.P.
Location Spain
Inv. Date July 2016
Inv. Strategy Undervalued 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.
  • Strategy is to sell the units to domestic buyers once the current leases expire.
Fund Patron Capital, V L.P.
Location United Kingdom
Inv. Date August 2017
Inv. Strategy Operating Business / Undervalued Assets
  • Acquisition of Punch Taverns Plc. (3,254 pubs), with the back to back sale of 1,879 pubs to Heineken.
  • Fund V retains a total of 1,375, predominantly freehold, pubs, with 1,323 held in a securitisation structure and 52 pubs and the head office operations held at TopCo.
  • The acquisition completed in August 2017, with the business plan predicated on strategic capex across the core estate, continued roll-out of a hybrid tenanted / managed operating model and sale of the non-core pubs.
  • Punch Closing Video
  • Punch Taverns Locations- Google Earth
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 (under construction);
  • 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 11 homes. Currently the program has 4 operating homes and 7 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 Across Poland
Inv. Date April 2005 (initial)
Inv. Strategy Undervalued 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

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
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 Patron Capital, L.P. II
Location Venice, Italy
Inv. Date June 2006
Inv. Strategy Undervalued Assets
Fund Separate Accounts
Location India
Inv. Date Various
Inv. Strategy Various
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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