Patron buys malls as it earmarks €500m for Spanish investments

Patron Capital has invested in three shopping centres as it plans to own up to €500m in Spanish assets.

The opportunistic fund manager has teamed up with Eurofund Capital Partners to acquire El Mirador in Cuenca, Los Alcores in Alcalá de Guadaira (near Seville), and Alzamora in Alcoy (Alicante).

Keith Breslauer, managing director of Patron Capital, said Spain was a “particularly interesting” target for Patron, which raised €949m for its fifth fund last year.

“[We] have invested more than €200m here since mid-2015, with plans to invest a further €250m to €300m over the coming years.

Patron and Eurofund plan to invest approximately €13m to modernise and improve the three shopping centres, introducing new brands and increasing leisure, food and beverage offerings.

“These are high-quality retail and leisure assets where a significant opportunity exists to improve the shopping experience through investment and proactive asset management, working with our experienced on-the-ground partners.”

Patron said El Mirador is the only major shopping centre in Cuenca and one of the largest malls in the Castilla La Mancha region. Having opened in 2002, it includes more than 60 units with a total gross lettable area of over 177,500 sqft. Tenants include H&M, Cortefiel and Carrefour.

Los Alcores is within the Parque Guadaira retail park, next to the town of Alcalá de Guadaira. It has a gross lettable area of over 133,500 sqft, and tenants include Mercadona, Media Markt, Inditex and Pause&Play.

Alzamora is a shopping centre in the Alcoy area, with 172,000 sqft of gross lettable area and a range of retail brands such as Zara, Massimo Dutti and Springfield, as well as leisure operators including a cinema and a gym.

Patron and Eurofund previously co-invested in the Dolce Vita Odeón de Narón, a 269,000 sqft retail and leisure asset near Ferrol last July.

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