Patron Capital Partners has acquired a 20,000 square metre office complex in Malakoff, an emerging district in the south of Paris, from a subsidiary of one of the funds managed by Centuria Capital on behalf of one of its historical clients.
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 an alternative lender, ACOFI Loan Management Services, a debt fund focusing on senior office asset financing in France.
The property is the headquarters of a BBB+ S&P rated company listed on the NYSE Euronext stock exchange in Paris which specialises in the global provision of prepaid services. Patron’s business plan involves driving value from the site through classic asset management.
The acquisition was made via Patron’s latest fund, Patron Capital IV, which has an allocation of over EUR500m for investments in France.
Keith M Breslauer, Patron’s managing director, says: “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. This investment demonstrates Patron Fund IV’s strong focus on core European markets, with a significant focus on French property markets where Patron has been a long standing investor.”
