Patron Capital has formed a €400m joint venture with Meridia Capital to invest in Spanish real estate as it looks to take advantage of the country’s recovery.

Meridia Capital will invest up to €150m through its Iberian Real Estate Fund, while Patron Capital will contribute around €250m. With leverage, the joint venture will build a €800m portfolio.

Patron, which is opportunistic in its investment approach, has around €2.5bn in both real estate and distressed debt. The company has been selective in its Spanish investment, targeting the retail, leisure and residential sectors.

Patron’s Spanish portfolio includes the Hotel Arts, the BCN-2 residential complex and the Generator youth hostel portfolio. More recently, Patron bought three residential blocks with retail space in Barcelona’s Poblenou.

Meridia Capital has previously invested in the hotel and retail sectors in Latin America and Europe. The firm own hotels in central Paris and Brazil.

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