Patron Capital and Investire target €150m of Rome residential

The joint venture has already acquired its first site, which has a building permit in place for the construction of a 9,300 m2 complex with a GDV of c. €70 mln.

Due for completion by the end of 2026, the development will comprise 110 apartments, as well as 105 parking units, and residents will benefit from a range of amenities, including a concierge desk, lounge area, communal roof top, co-working area, gym and a play area for children.

The joint venture partners will target the creation of c. €150 mln of similar ESG-led projects and opportunities in Rome’s most sought after neighbourhoods with size ranging between 50 and 200 apartments.

This follows the final close of Patron’s seventh flagship fund, which raised in excess of €860 mln, including more than €200 mln of discretionary co-investment capital for larger opportunities.

Matteo Busà, partner of Patron Capital said: 'This joint venture with Investire will allow us to take advantage of the attractive supply-and-demand dynamic that underpins the residential market in Rome, while working with a best-in-class partner.

'Having already committed to our first development opportunity, we look forward to deploying further capital in line with our strategy and have already identified a healthy pipeline of opportunities.'

Alessandro Polenta, managing director of Investire SGR said: 'This new fund with Patron confirms Investire SGR's commitment to the development of the residential market through the regeneration of existing buildings and the creation of high quality assets.

'The capital is proving to be an attractive residential market for many investors, particularly in the context of major events such as the Jubilee, and we believe that initiatives such as the launch of this new fund will allow us to consolidate and accelerate a responsible pipeline of urban regeneration and socio-environmental redevelopment that maximises all the development potential that Rome offers.'