Patron Capital has bought a loan portfolio from Ireland’s National Asset Management Agency (NAMA).
The investor bought six commercial mortgage loans secured by retail properties in Ireland and Poland. Patron said the portfolio has an outstanding loan balance of €228m.
The company’s senior adviser in Dublin, Robert Booth, said he expected Ireland’s retail to improve as the economy recovers.
The purchase is Patron’s third from NAMA and fourth in Ireland. In December last year, it bought the Clarion IFSC Hotel. Patron has also invested in the former Chief O’Neills hotel in Dublin, which has been refurbished and now operates under Patron’s Generator Hostels brand. The company also owns a leisure facility in Spawell operated by its Powerleague subsidiary.
In Spain, Patron recently formed a €400m joint venture with Meridia Capital to invest in real estate as it looks to take advantage of the country’s recovery. Patron will contribute around €250m to the partnership.
As previously reported, Ireland’s NAMA is this year aiming to sell off at least €1bn of properties and loans, three years after the bank was created.