23/05/2014 – Expansion
London-based fund Patron Capital Partners and Barcelona-based Meridia Capital Partners have joined their forces to invest €800 million in real estate assets in Spain. The fund from London will contribute with €250 million, whereas the Catalonian fund, through its new vehicle Meridia Iberian Real Estate Fund, will put up €150 million. The €400 million in own funds will be completed by additional financing.
They will target office buildings, retails, residential and hotel assets mainly in Madrid and Barcelona. However, not only will the primary property be poached but also units which could gain value after renovation.
Meridia Capital has got a fund exclusively for hotel assets but it shed most of them to focus on alternative segments and invest in the real estate sector. Both its director, Javier Faus, and Keith Breslauer from Patron expressed delight at working together again, as Faus has been a part of Patron before.
Last year, Patron Capital invested €35 million in a 154-room hotel in Barcelona, now exploited as one of its low-cost chain establishments, Generator.
Original article: Expansión (by J. Orihuel & M. Anglés)
Translation: AURA REE