European private equity and real estate investor Patron Capital Partners has bought a 20,000 m2 Paris office complex as part of a major acquisition drive in France.

European private equity and real estate investor Patron Capital Partners has bought a 20,000 m2 Paris office complex as part of a major acquisition drive in France.

In a statement, Patron said it intends to invest over €500 mln in the country for its Fund IV investment fund.

The Patron Capital IV vehicle has just acquired an office complex in Malakoff, an emerging district in the south of Paris, from one of the funds managed by Centuria Capital. The building is fully let to a single tenant with an unexpired lease term of around six years.

The acquisition was undertaken in a joint venture with Cleaveland Asset Management, Patron’s existing asset management partner.

Senior debt financing for the transaction was secured from alternative lender Acofi Loan Management Services, a debt fund focusing on senior office asset financing in France.

Patron's business plan involves driving value from the site through classic asset management, the company said. 'Our focus remains on property and property-related investments in Western Europe where we believe we can add value, and this office building represents an excellent opportunity to do that through our team’s strong asset management skills,' said Keith Breslauer, Patron’s managing director.

Patron manages €2.5 bn of capital across several funds with offices in London, Luxemburg, Barcelona, Milan, and Dreieich (Germany).