Patron Capital is partnering with Meridia Capital to create a new joint company targeting €800 mln worth of real estate assets in Spain.
Patron Capital is partnering with Meridia Capital to create a new joint company targeting €800 mln worth of real estate assets in Spain.
Patron Capital Partners and Meridia Capital Partners have agreed to a joint venture in which they will work together in targeting opportunities across the Iberian real estate market, with a deployment of over €400 mln of capital with 50% leverage.
Meridia Capital, led by Javier Faus, will invest up to €150 mln of capital through its new vehicle, Meridia Iberian Real Estate Fund, while Patron Capital will contribute around €250 mln.
Commenting on the venture Keith Breslauer, managing partner of Patron Capital, said: 'Our partnership with Meridia will add incredible value to our business and will help us deploy our equity in the Iberian markets.'
Patron Capital has had an office in Barcelona since 2003 led by Pedro Barceló. Existing investments in the country include Hotel Arts, the BCN-2 mixed used complex, the Poblenou residential investment in Barcelona, and the Generator youth hostels.
Pedro Barceló, managing director of Patron Capital Partners Iberia, added: 'This partnership will reinforce our position in Spain, helping us benefit from the recovery of the Spanish economy and the new cycle in the Spanish real estate investment market.'
Patron represents around €2.5 bn of capital across several funds (including its most recent Fund IV).
