Patron Capital has secured a multi-million euro loan portfolio from Irish bad bank NAMA in the latest in a string of deals by the pan-European investor during May.
Patron Capital has secured a multi-million euro loan portfolio from Irish bad bank NAMA in the latest in a string of deals by the pan-European investor during May.
The portfolio of six commercial mortgage loans is secured primarily on retail assets, mostly in Ireland and to a lesser extent in Poland, and has an outstanding balance of €228 mln.
EY advised NAMA on the sale process.
The acquisition of the loan portfolio represents Patron’s fourth investment in the Republic of Ireland, following the acquisition of the Clarion IFSC Hotel in December 2013 (recently renamed The Spencer Hotel), the former Chief O’Neills hotel in Dublin, which has been completely refurbished and is now operating under the Patron-owned Generator Hostels brand, and the opening of a site in Spawell by Powerleague, the five-a-side football brand also owned by Patron. It is also Patron’s third acquisition of assets controlled by NAMA.
Robert Booth, Patron’s senior adviser in Dublin said: 'Patron expects the retail property sector in Ireland to improve as the economy recovers and therefore the acquisition of this loan portfolio represents an attractive investment.'
Mathieu Roland-Billecart, Real Estate Corporate Finance Partner at EY, added:: 'This was a complex portfolio covering multiple sectors. Patron won the process after intense competition from real estate private equity and real estate loan investors and demonstrating a proven ability to close deals.'
Earlier in May London-based Patron announced the joint venture sale of two properties in the German city of Leipzig; the creation of a separate joint venture to target €800 mln worth of real estate assets in Spain, and the acquisition with co-investor Pamera Asset Management of a five-storey office building in Munich.