CEE - Patron Capital Partners founder Keith Breslauer has joined the advisory committee of Revetas Capital Advisers as the two organisations join forces to target distressed real estate in central and eastern Europe (CEE).

The new "strategic relationship" will enable both companies to "unlock opportunities" in the region's banking system for their respective real estate funds.

Revetas has previously co-invested with Patron Capital in CEE deals, and the company is currently raising capital for a fund with a hard cap of €250m.

Eric Assimakopoulos, managing director at Revetas, said: "The strategy will support leading banks, investors and local owners to recapitalise, restructure and de-leverage properties throughout CEE."

Breslauer added: "We look forward to working with Revetas in helping them deploying their strategy in the distressed environment in CEE and we are hopeful that the relationship will also help unlock potential opportunities in Western Europe held by the local banks."

Meanwhile, a Polish-based subsidiary of Patron Capital raised €23.6m from local institutional and private investors via a public bond issue.

The Capital Park Group, majority-owned by Patron, will use the capital to finance a number of office and retail properties, including the Eurocentrum Office Complex, one of the largest sustainable buildings under construction in Poland.

"Operating as both a developer and an investment company, Capital Park acquires property of various types with potential for value growth, and now boasts a portfolio comprising 70 attractive assets," Breslauer said.

"This unique business model, robust project portfolio and stable financial standing have been recognised by investors, which allowed us to obtain financing, which was significantly oversubscribed, for one of the largest and most interesting office buildings currently under construction in Poland."