Patron Capital and Meridia Capital form Spanish real estate JV
Patron Capital Partners and Meridia Capital Partners have agreed to a joint venture whereby they will work together to target opportunities across the Iberian real estate market, with a deployment of over EUR400 million of capital.
Meridia Capital will invest up to EUR150m of capital through its new vehicle “Meridia Iberian Real Estate Fund”, while Patron Capital will contribute around EUR250 million.
Keith Breslauer, managing partner of Patron Capital, says: “I am looking forward to working closely with Javier Faus again, as he represents one of the leading investors in Spain. Our partnership with Meridia will add incredible value to our business and will help us deploy our equity in the Iberian markets. With an office in Barcelona for the past 11 years and Pedro Barceló as Managing Director for the region, Patron has been a long standing investor in Spain.”
Javier Faus, managing partner and chairman of Meridia Capital, says: “We are very pleased to announce the launch of the Meridia Iberian Real Estate Fund, with an equity target of EUR150 million and a first closing already completed, and at the same time such an exciting partnership with Patron Capital. I have known Keith Breslauer for 15 years and he and his team are the best partners that we could have in this new venture. After the success of Meridia Capital Hospitality I, fully invested and practically fully exited, this is a fundamental step in our aim to expand our franchise into new alternative investments, always pursuing the best value for our investors. In addition to this, we expect to announce further developments outside the real estate sector over the coming months.”
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