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, 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, 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, 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 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 Chamonix, France
Inv. Date December 2015
Inv. Strategy Undervalued Assets
Fund Patron Capital, V L.P.
Location Frankfurt, Germany
Inv. Date June 2017
Inv. Strategy Pre-development / Development
  • Acquisition of a 6,796 sqm development site in Frankfurt's Europaviertel with significant and unique development potential in an economically strong and affluent city and a strong and improving micro location.
  • The plan for the site is to: (i) advance planning and to receiving a building permit for a high rise office building (approx. 60m high) and a 8 storey low rise office building within the confines of the existing zoning, comprising approx. 39,000 sqm of lettable area; and (ii) either to exit the pre-developed plot or to develop and exit the asset.
  • Acquired in joint venture with an experienced commercial and residential developer and investor with a strong track record.
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, V L.P.
Location Dublin, Ireland
Inv. Date October 2017
Inv. Strategy Operating Business / Assets below intrinsic value
  • Acquisition of 428 bed hostel in central Dublin
  • Business plan predicated on a focused capex program to refurbish the rooms and common areas and enhance food and beverage offering
Fund Patron Capital, V L.P.
Location Dublin, Ireland
Inv. Date February 2016
Inv. Strategy Undervalued 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
Fund Patron Capital, V L.P.
Location Cologne, Germany
Inv. Date Dec 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
  • One Cologne - Construction Works Completion
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. IV
Location
Inv. Date May 2014
Inv. Strategy Distressed
  • 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
Fund Patron Capital, L.P. IV
Location UK
Inv. Date June, August 2015
Inv. Strategy Undervalued 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)
Fund Patron Capital, L.P. IV
Location
Inv. Date October 2013
Inv. Strategy Operating 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
Fund Patron Capital, L.P. IV
Location UK
Inv. Date December 2011
Inv. Strategy Undervalued Property / Business
Fund Patron Capital, L.P. IV
Location Berlin, Germany
Inv. Date April 2015
Inv. Strategy Redevelopment & 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
Fund Patron Capital, L.P. IV
Location Daventry, Northamptonshire
Inv. Date June 2012
Inv. Strategy Operating Business / Undervalued Assets
  • 68 bed specialist centre catering for people with acquired brain injuries, progressive neurological illnesses and complex care needs in Daventry, Northamptonshire
  • The strategy is to grow the business organically,  additional development and through potenital add-on acquisitions
  • Additional planning permission for 17 bed extension obtained
  • Acquired a further 135 beds in Stoke on Trent, together with 24 apartments - first 75 bed facility opened in September 2015
  • The strategy is to grow the business organically,  additional development and through potential add-on acquisitions
Fund Patron Capital, L.P. IV
Location Munich, Germany
Inv. Date October 2014
Inv. Strategy Undervalued Property
  • Office complex with approx. 36,700 sqm lettable space in a good B-office location in Munich
  • Strategy includes upgrade of asset through capex and TI investment and lease-up of currently vacant space
  • Acquired in joint venture with experienced local asset management partner
  • Campus West, Landsberger Straße - pictures
Fund Patron Capital, L.P. IV
Location Malakoff, France
Inv. Date July 2013 June 2013
Inv. Strategy Undervalued Assets
  • 20,000sqm office complex single-tenanted located in Malakoff (South/South West of Paris)
  • Main strategy is to refurbish vacant part of the building in exchange for a lease extension
  • In parallel implementation of a clean-up process of the corporate structure with the aim to improve both the liquidity and marketability of the asset
Fund Patron Capital, L.P. IV
Location UK
Inv. Date November 2012
Inv. Strategy Distressed
  • Mixed portfolio of 24 office, industrial and retail properties acquired from distressed institutional seller.
  • Sub-sale of 9 assets with lower yields and little value add potential to institutional investors.
  • Retained portfolio of 15 assets - ca. 1.35m sq. ft. lettable area principally in London and South East; comprises offices (60%), retail warehousing (8%), distribution warehouse (25%), high street retail (2%), multilet industrial property (5%).
  • Business plan focus on improving strong cash flow yields and lease-up of vacant areas through active asset management and dedicated capital expenditure.
  • Disposal program over 4 year period for stable and stabilised assets.
Fund Patron Capital, L.P. IV
Location Berlin
Inv. Date September 2011
Inv. Strategy Undervalued Assets
  • Office building of approximately 16,000 sqm - one 10 storey and one 3 storey in Berlin-Mitte, close to Alexanderplatz
  • The strategy is to refurbish and relet to create a stable income generating asset in a central location
  • Mollstrasse Redevelopment - May - July 2013 (Slideshow)
  • Mollstrasse Redevelopment - 6th Floor, 9th July (Slideshow)
  • Construction Party for Zalando and Construction Companies (JPEG)
Fund Patron Capital, L.P. IV
Location Munich, Germany
Inv. Date April 2014
Inv. Strategy Undervalued Asset
  • Office building of approximately 11,200 sqm in a good and central location in Munich's "Westend" district
  • Strategy is to implement a light refurbishment and TI program and to lease-up currently vacant space
Fund Patron Capital, L.P. IV
Location Dublin, Ireland
Inv. Date Dec 2013
Inv. Strategy Undervalued Property / Business
Fund Patron Capital, L.P. IV
Location UK
Inv. Date March 2013
Inv. Strategy Operating 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.
Fund Patron Capital, L.P. IV
Location UK
Inv. Date December 2011
Inv. Strategy Undervalued Property / Business
  • Portfolio of 48 convenience retail units and associated petrol filling stations ("PFS") located across the UK, with >50% located in London, the South East and the South West of the UK; 38 freehold, 1 part freehold / part leasehold and the remaining 9 are leasehold.
  • Additional 11 sites acquired in early 2013 bringing total portfolio to 59.
  • This investment was made in a joint venture with Scottish Capital Group and a new management team who have over 450 PFS acquisitions, turnarounds and management to their credit.
  • MFG signs an agreement to buy retail assets of Murco Petroleum Limited (Press Release 11 August 2014)
Fund Patron Capital, L.P. IV
Location UK
Inv. Date March 2014
Inv. Strategy Distressed / 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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Fund Patron Capital, L.P. III
Location Milan, Italy
Inv. Date August 2010
Inv. Strategy Undervalued 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
Fund Patron Capital, L.P. III
Location UK
Inv. Date December 2007
Inv. Strategy Distressed Business
Fund Patron Capital, L.P. III
Location Pan-Europe
Inv. Date August 2007 (Initial acquisition - London & Berlin)
Inv. Strategy Operating Business / Assets below intrinsic value
  • Acquisition of budget youth hostel accommodation portfolio and the Management operations from family owned business based in London and with properties in London and Berlin
    • London Freehold: 850 Beds (60,000 ft²)
    • Berlin Leasehold: 904 Bed (80,000 ft²)
    • Generator Hostels Limited: operating company and all intellectual property including brand name "Generator Hostels"
  • Since acquisition, 10 more properties added to Generator platform in key European city centre locations including:
    • Hamburg, Berlin (Mitte), Copenhagen, Dublin, Barcelona, Venice, Paris, Rome, Amsterdam and Madrid
    • Copenhagen, Dublin and Hamburg opened 2011; Venice operating hostel when acquired
    • Barcelona and Berlin Mitte opened in March 2013 and April 2013 respectively
    • Paris and Rome due to open in 2015
    • Amsterdam & Madrid due to open in 2016

  • Generator Hostels Website
  • Generator's Tumblr Account
  • Generator's Twitter Account
  • Generator Barcelona
  • Generator Amsterdam


Press Articles:


You Tube Links:


Facebook:


Pinterest:

 

Fund Patron Capital, L.P. III
Location Aachen, Germany
Inv. Date November 2007
Inv. Strategy Non Core Assets
  • Large industrial park with 170,000m² GLA with significant part let to Philips GmbH on a 10 year lease
  • Total site area of 310,000m² including 25,000m² potential development land
  • Leaseup potential for remaining office, storage and production space
  • Located in Aachen, Germany - secondary city near border with Belgium and Netherlands - attractive logistics location
Fund Patron Capital, L.P. III
Location Leipzig, Hannover region
Inv. Date August 2008 (initial)
Inv. Strategy Undervalued Assets

Katharinenstrasse / Hainstrasse

Wolfenbuettel

  • Recently purchased department-store building in the prime retail area of Wolfenbuettel, a city near Hannover
  • The property currently offers 8,600 sq m of retail space
  • Major retailers have already indicated strong interest in the redeveloped spaces - total expressed interest in the scheme of over 11,800 sq m

Braunschweig

  • Recently purchased department store building in the prime retail area of Braunschweig, nr Hannover
  • Currently fully let to Karstadt and offers 3,200 sqm of retail space

Bruhl

  • Recently purchased office building within Leipzig's inner ring road in direct proximity to the main station and main square
  • Approximately 8,900 sqm GLA
Fund Patron Capital, L.P. III
Location Manchester, England
Inv. Date August 2010
Inv. Strategy Non Core / Undervalued Assets
  • Acquisition of a complex of 5 connected commercial real estate assets in central Manchester, UK, held on a long leasehold basis
  • Complex includes:
    • The world renowned 21,000 person capacity MEN entertainment arena, the second largest indoor arena in the world based on 2009 ticket sales
    • 149,000 ft2 of office area in two buildings
    • Retail elements
    • c.a. 1,250 space car park structure
  • Very strong local partner Development Securities PLC (publicly listed property company) with considerable experience and first rate reputation
Fund Patron Capital, L.P. III
Location Pan-European
Inv. Date August 2008 (initial)
Inv. Strategy Distressed Sellers
  • Residential Distressed Program comprises 3 investments in residential mortgage backed securities, 2 in the UK and 1 in the Netherlands
  • Investments include both senior and mezzanine tranches
Fund Patron Capital, L.P. III
Location Barcelona, Spain
Inv. Date November 2010
Inv. Strategy Undervalued Assets
  • Acquisition of 3 residential blocks of apartments in Barcelona comprising:
    • 208 flats of 1, 2 and 3 bedrooms (14,700 sqm)
    • 6 retail units (600 sqm)
    • 230 parking spaces and 14 storage rooms
  • Asset management team has proven track record
  • Poblenou Slideshow - April 2011
  • Poblenou Press Articles - 15 January 2012 and 29 January 2012
Fund Patron Capital, L.P. III
Location UK
Inv. Date August 2008 (Liverpool Assets)
Inv. Strategy Undervalued Property / Business
Fund Patron Capital, L.P. III
Location Berkhamsted, England
Inv. Date October 2008
Inv. Strategy Undervalued 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
    • Berkhamsted aerial photos - 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
Location Venice, Italy
Inv. Date June 2006
Inv. Strategy Undervalued Assets
Fund Patron Capital, L.P. II
Location Milan, Italy
Inv. Date March 2005 (first property)
Inv. Strategy Undervalued Property
  • Investment in a joint venture partnership whose strategy is to invest, on a leveraged basis, in the development and trading of semi-industrial and assembly warehouse projects in Western and Central Europe.
  • All projects 100% leased in advance to good credit tenants on 10 year+ leases
  • Principal JV partner is IIG, a private Belgium based company whose main activity is the origination, investment, development, management and advisory of the above projects
  • 3 projects undertaken; 3 completed and sold
Fund Patron Capital, L.P. II
Location Across Germany
Inv. Date August 2006
Inv. Strategy Undervalued Assets
  • Purchased 1,004 railway station buildings and land throughout Germany
  • Total lettable sqm ca 400,000sqm, ca 65% vacant, total land area ca 1,570,000sqm. Main tenant is Deutsche Bahn, German state owned railway operator
  • "Frankfurt Ost" Station, located on a core development location close to centre of Frankfurt
Fund Patron Capital, L.P. II
Location Across Germany
Inv. Date March 2006 (initial acquisition)
Inv. Strategy Distressed / Undervalued Assets

German Office / Retail (Ground Floor)

  • Purchase of a mixed used office and retail building located directly on the prestigious Kurfürstendamm Nr 67, between Olivaer Platz and Adenauer Platz, with 604 sqm retail space on the ground floor and 3,973 sqm office space on 7 upper floors
  • The strategy is to refurbish and relet the 330sqm vacant office space and to incentivize the main tenants to stay in the building to create a stable, income generating asset in a prime location. A light refurbishment is envisaged for space which will become vacant

Dreieich Office Building

  • Purchase of a mixed used office and retail building located on the corner of Frankfurterstrasse and Robert Boschstrasse in Dreieich, near Frankfurt. In total ca 17,000 sqm of rentable space: retail and fitness on the ground floor and office space on 6 upper floors. The strategy is to refurbish and relet the vacant office space and to incentivize the main tenants to stay in the building to create a stable, income generating asset in a good secondary location

Opel

  • Acquired a portfolio of 18 properties which house car dealerships, operating company in receivership
  • Total land area approximately 154,000 sqm in Rhein/Main and Greater Frankfurt area
  • Strategy is threefold:
    • properties redeveloped for primarily retail use
    • sale of properties as is to owner occupiers/developers
    • lease to tenants and sell

Hellweg

  • Acquisition of 16 land and semi-developed land plots totalling approximately 234,000 sqm across Germany - majority located to current Hellweg sites (leading German DIY retailer and vendor of the sites)
  • Strategy is twofold
    • properties redeveloped for primarily retail use
Fund Patron Capital, L.P. II
Location Tarquinia, Italy
Inv. Date October 2007
Inv. Strategy Undervalued Assets
  • Acquisition of 49 hectares of land near, Tarquinia, Lazio, Italy (approximately 90km northwest of Rome)
  • Site includes a nine-hole golf course, and various golf-related business
  • Strategy is to build over 250 residential units (primarily second homes) on much of spare land, and refurbish and extend golf course
  • Marina Velca convenzione approved! JPEG
Fund Patron Capital, L.P. II
Location Barcelona, Spain
Inv. Date May 2005
Inv. Strategy Undervalued Assets

Investment in a mixed-use portfolio from Colonial the real estate arm of La Caixa, the largest savings bank in Spain, comprising:

  • 244 residential flats (29,250 sqm)
  • 28,617 sqm of office space
  • 3,829 sqm of retail stores
  • 33,930 sqm of parking space (898 units)
  • 6,000 sqm of warehousing space
  • Prime position in Barcelona residential market, exhibiting robust demand and scarcity of space
  • Joint venture with local partners with lengthy experience in the BCN market
  • Strategy is combination of longer term hold on residential, combined with refurbishment and reletting of office and retail space
  • Patron Acquires Residential Portfolio for €207,500,000 (Press Release)
  • Spanish Press Articles
Fund Patron Capital, L.P. II
Location Birmingham, Croydon, Manchester, Sheffield, Leeds
Inv. Date July 2005 (initial)
Inv. Strategy Undervalued Assets

Delek

  • A 55% holding in a corporate vehicle with Princeton Investments as operating partner and Israeli oil company Delek Belron owning the balance of 44%. Entity holds four office buildings located in Croydon, Manchester, Birmingham and Sheffield:
  • Delek JV Press Release

Centre City

  • Centre City is a large (207,393 sq. feet) multi-tenanted 1960's office tower located in Birmingham's inner ring road. The asset serves as the regional headquarters for various tenants including Legal & General who are mostly on reversionary leases
  • The building needs active management to take advantage of its proximity to the new Bullring shopping centre
  • Centre City Refurbishment - October 2006 (PDF)

Croydon NLA Tower

  • The NLA Tower is a landmark concrete office tower (170,000 sq. feet) built in the early 1970s located adjacent to a major regeneration site
  • In the process of current refurbishment and reletting
  • No. 1 Croydon Images - June 2008 (Slideshow coming soon)
  • Croydon Refurbishment - May 2007 (Slideshow coming soon)

Manchester - "SimChem House" - Sold

  • SimChem House is a 1960s office building (79,444 sq. feet) in a prestigious residential suburb of Manchester
  • The asset is let on a 16 year lease to a UK plc, former sister company to Simon Storage, with a guarantee from its parent, a blue chip Singaporean holding company
  • The building's current use as a UK plc head office is inappropriate due to its condition, functionality, and image. The intention is to refurbish and re-clad for tenant in exchange for a re-gearing of the lease

Sheffield - "City Plaza" - sold

  • City Plaza is a multi-tenanted 1970's office tower (117,830 sq. feet), with a mix of medium to long term leases and strong covenants
  • This building is the anchor of the portfolio for loan security and gives the ability to generate higher leverage at a lower margin
    The building is a popular tenant choice in comparison to generally low quality stock in Sheffield.
  • Tenants in the building will be actively managed and common areas will be refurbished

Cloth Hall - sold

  • Acquisition of portfolio of 2 office buildings (Cloth Hall A and Cloth Hall C) with a total of 101,524 square feet in Leeds City Centre
  • Acquired 100% occupied with under market rent levels
  • Top quality covenants (Ernst & Young and Eversheds)
  • Opportunities include:
    Cloth Hall A Building - Refurbish interior to A credit level once Eversheds vacates in 2007 and raise rents to market level, planning permission granted
    Cloth Hall C Building - Refurbish interior to A credit level and raise rents to market level
  • Sold both buildings to separate buyers in Autumn 2007
  • View New Plans (PDF, 6.7MB)

City Plaza

Birmingham - "St. Philips Point"

  • Comprises of approximately 96,000 sq ft, 9 storey mixed-use (office and retail) building located in the centre of the CBD of Birmingham
  • Strategic repositioning plan includes:
    •  Refurbishment on vacant office floors - completed
    •  Refurbishment of lower floors including removal of escalator and creation of 4,500 sq. ft of new office space and 2,000 sq. ft of retail space - all completed
  • The attraction of this investment is its absolute prime location in central Birmingham, opportunistic repositioning of retail into office to achieve highest and best use, and potential for substantial ERV gain post refurbishment programme
  • This investment by Patron represents the third investment in Fund II in its UK Small Office Program which currently holds the Delek portfolio located in Croydon, Sheffield, Birmingham and Manchester and the Cloth Hall building in Leeds
  • St. Philips Square Office Launched! (View Brochure)
  • View More Images of St. Philips Square Office (View Slideshow)
Fund Patron Capital, L.P. II
Location France (mostly Paris)
Inv. Date July 2005 (first portfolio)
Inv. Strategy Non Core / Undervalued Assets

Vectrane - sold

  • Initiated with pursuit of single larger office building
  • Acquisition in mid 2005 of a portfolio of eight buildings / assets in France
    • Office portfolio - three in and around Paris, one in Lille
    • Leisure portfolio - two large Center Parcs, and two smaller hotels in Courchevel
  • Asset improvements include substantial refurbishment and rental of large office tower, plus targeted tenant led expansions in other office and active capex program with Pierre et Vacances on leisure properties
  • Targeted plan to build company and list in public markets
  • IPO in 2006
  • Patron Acquires Large French Property Portfolio - July 05
  • Vectrane Lists in Paris - November 2005
  • Vectrane IPO Success! Press Release - December 2005 (English) (French)
  • Patron Sells Vectrane Shares - March 2007 (Press Release)
Fund Patron Capital L.P. I
Location Barcelona, Spain
Inv. Date December 2001
Inv. Strategy Complex Situation

  • Parent company (Sogo) went bankrupt forcing liquidation

  • Assets trapped in complex corporate structure with management contract on hotel

  • Via corporate investment, acquisition of mixed use portfolio of approx. 1.2 million square feet consisting of:

    • 44-story, 482-room, 5-Star Hotel Arts

    • 12,375m² Office Building

    • 13,084m² Retail Building

    • 3,611 sq.m Land Parcel

  • Deal won "International Hotel Deal of the Year" in 2001 and Harvard Business School case study notes its success despite adversity

  • Effective exit achieved via sale of office building, land plot, most of retail, massive underground parking, refinancing of hotel and sale of approximately 95% of Patron's original interest into retail limited partnership structure

  • 2nd refinancing completed early 2006 with proceeds expected in mid 2006

Hotel Arts Sold! (Press Release) (Spanish Press Articles)

Hotel Arts Spa and Pool Development

New Renovation Progresses Well

Hotel Arts Barcelona Website

Harvard Business Online
Harvard Case Study

Fund Patron Capital L.P. I
Location Bratislava, Slovakia
Inv. Date
Inv. Strategy Complex Situation

  • Acquisition of:

    • Hotel - 168 room four-star Carlton;

    • Office - 10,862m² known as the Carlton Commercial Centre (7 floors, 20 tenants) and 52-space car park;

    • Retail - 1,451m² retail space; and

    • Parking - 417 space public car park over 4 levels on a 30 year long-term contract

  • Flat assumptions on hotel performance and no individual asset break-up

Tombstone

Financial Times Article

The Bratislava Carlton Hosts President Bush, The White House and State Department in summit with Putin

President Bush Addresses Slovakian Citizens

Letter from President Bush to The Bratislava Carlton

Fund Patron Capital L.P. I
Location Prague, Czech Republic
Inv. Date
Inv. Strategy Non Core Assets
  • Modern office building in prime location
  • 8,866m² lettable space plus 3 underground parking floors
  • Key goal was to convert key tenants, including Prague Stock Exchange and related parties to long term leases (50% of leases)
  • Anticipated significant yield compression due to lease conversion (at outset), refurbishment and active management
  • Short-term strategy possible due to immediate value creation

 

Fund Patron Capital L.P. I
Location London, England
Inv. Date
Inv. Strategy Distressed Asset
  • Acquisition of a 5-floor, 39,446 sq. ft. building in Covent Garden, central London
  • Unusual building (for a period building on famous street in Conservation Area, Covent Garden) due to size, location, 3 independent elevator shafts and large floor plates. Original underwriting of office use with potential residential conversion
  • Patron determined alternate plan for student housing due to dramatic worsening of the office market and failure of local partner to convert existing office into residential
  • Planning authorities liked change of use and allowed additional 2 floors to the top, bringing total square footage to 46,000 sq. ft from 39,500 sq. ft.
  • Agreed all terms and signed for long term lease with the London School of Economics
  • Agreed and signed detailed fixed price contract for construction
Fund Patron Capital L.P. I
Location Dortmund, Berlin, Hamburg, Leipzig
Inv. Date December 2004
Inv. Strategy Undervalued Assets

German Office

  • Purchase of three office buildings in Germany:
    • Hansastrasse, Dortmund, 19,000 m2 (Sold)
    • Silberstrasse, Dortmund, 4,200 m2 (Sold
    • Bismarckstrasse, Berlin, 3,300 m2 (Sold)
  • Mixed strategy, including:
    • Lease up vacant spac
    • Significant refurbishmen
    • Wait for market recovery in Berlin
    • Sell buildings individually

German Retail

German Retail / Office

  • Purchase of 20,000 sqm monumental building in prime retail location in the centre of Leipzig. The Investment Strategy will involve a redevelopment of the assets into a mixed use building, of which the majority of the rental income will come from prime retail space on the ground floor. The building was purchased for only slightly above land value, allowing us to fully leverage the redevelopment potential.
  • Leipzig Retail Refurbishment in Progress (October 2008)
  • Handelshof Refurbishment Photos (August 2008) (January 2008)
Fund Patron Capital L.P. I
Location UK
Inv. Date
Inv. Strategy Business Below Intrinsic Value
  • One of the leading players in the attractive mortgage market in the UK
  • One of the largest MBOs in the UK for 1999
  • Growth from >£450m to >£1.6 billion in assets
  • Growth from >£30m to >£105m+ a month in originations
  • Partners include Royal Bank of Scotland and management
  • Lenders include Morgan Stanley, Greenwich Natwest, and Barclays Capital

 

Fund Patron Capital L.P. I
Location Buxton and Droitwich, UK
Inv. Date October 2002
Inv. Strategy Non Core / Undervalued Assets
  • Purchase of two shopping centres in the English Midlands
  • Spring Gardens Shopping Centre, Buxton: 89,000 sqft, 28 units
  • Salters Shopping Centre, Droitwich: 140,000 sqft, 45 units
  • Strategy is partial sale of land plot and to improve rents to market as leases come due
  • Bought in partnership with Dawnay, Day & Co.
  • Morley Shopping Centres Exited Early (View Press Release)
Fund Patron Capital L.P. I
Location Poland
Inv. Date July 2004
Inv. Strategy Distressed Assets
  • Significant Polish country wide non-performing loan problem (17% of total assets, in excess of $10 billion)
  • Acquisition of NPL portfolio from Deutsche bank and associated servicing of both this and a similar portfolio
Fund Patron Capital L.P. I
Location Milan, Italy
Inv. Date August 2001
Inv. Strategy Undervalued Assets
  • Acquisition of an Italian lending bank
  • Principal asset is a six-floor office building in central Milan (3,186 m2)
  • Other assets include portfolio of non-performing loans and other financial assets
  • Acquisition price represents value of building
  • Building sold in January 2002
  • Bank sold in February 2007 (View Press Release)
Fund Patron Capital L.P. I
Location Across UK
Inv. Date January 2003
Inv. Strategy Operating Business / Assets Below Intrinsic Value
  • Acquisition of a liquid and chemical storage business
  • Market leader in the UK, with 497 tanks and 956,000 m3 of capacity
  • Steady long-term cash flow, with creditworthy tenants
  • Strategy is to stabilise business, recapitalise with better capital structure, and grow earnings primarily through acquisitions
  • Sold in October 2005 (View Press Release)
  • Biofuels plant - latest progress at Simon Storage, Seal Sands (View Image)
  • Simon Storage Case Study
Fund Patron Capital L.P. I
Location Across Spain
Inv. Date September 2005
Inv. Strategy Non Core / Undervalued Assets

Patron acquired 13 non-core assets out of an original  65-asset portfolio sold by Dinosol. The assets in the portfolio comprised:

  • 5 Ahold-tenanted supermarkets ("A")
  • 8 vacant supermarkets ("B")
  • 4 excess parking lots ("C")

  • Strategy for the above focused on:
  • "A" - yield compression achievable on individual assets sales plus refurbishment and sale of vacant floors and parking on three properties
  • "B" - refurbishment and conversion to smaller units for re-lease and sale
  • "C" - small part of portfolio, sale of individual plots

  • Attractive properties in strong locations with good re-letting potential following work-out where appropriate
Fund Patron Capital L.P. I
Location Interlaken & Leukerbad, Switzerland
Inv. Date June 2001
Inv. Strategy Distressed / Undervalued Assets

Interlaken

  • Acquisition of a 101-room, 5-star hotel in Interlaken, Switzerland
  • Acquisition Cost of CHF 17.3m
  • EBITDA of CHF 1.7m (in bankruptcy)
  • Part of Swiss Hotel strategy, following Leukerbad
  • Two exit options:
  • Sale & leaseback with sale to the pension fund / German retail market
  • Hold and exit as performance is enhanced
  • Interlaken Hotel listed on Tchibo

Leukerbad

Fund Patron Capital L.P. I
Location Birmingham and Leeds, England
Inv. Date July 2004
Inv. Strategy Non Core / Undervalued Assets

Cobalt Square (sold)

  • 17 floor, 73,118 square foot office building in Edgbaston, Birmingham
  • Patron Capital and Princeton Investments Acquire Hagley House (Press Article)
  • Significantly vacant building. Refurbishment, relet and exit
  • Refurbishment Plan Photos (PDF) (Slideshow)
  • Refurbishment Plan Photos - January 2005 (Slideshow)
  • Cobalt Square Brochure

York Place (sold)

  • 17,000 square foot office building in Leeds
  • Grade II listed building in Central Business District
  • Relet, refurbishment and exit
  • Refurbishment Photos - August 2006 (PDF)