UK private equity group Patron Capital has bought a majority interest in Vanguard Student Housing from 3 Capital as part of plans to invest some €200 mln in the Spanish student accommodation sector.
As part of the deal, Vanguard’s founding partners will remain as minority shareholders.
Patron, through its Vandor Real Estate Socimi investment vehicle, plans to use the platform to operate a total of eight student housing facilities which it acquired over the past two years. It also plans to spend a further €200 mln in the sector, including both the acquisition of new assets for a total of €150 mln in 2022 and 2023, as well as the redevelopment of existing assets (€50 mln).
The firm will focus on central or consolidated areas of the cities of Madrid, Barcelona, Valencia and Bilbao.
Based in London, Patron opened its first Spanish office in Barcelona in 2004. It currently manages €4.3 bn of assets.
