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Patron Capital acquires additional interests in CALA and Retirement Bridge

Patron Capital, a pan-European institutional investor focused on property backed investments, has acquired additional interests in upmarket UK housebuilder CALA Group and home reversion equity release provider Retirement Bridge Group from Electra Private Equity.

Separately, via Retirement Bridge Group, Patron has also agreed to acquire Sovereign Reversions from Lone Star.
Electra invested in CALA Group and Retirement Bridge Group alongside Patron. In the case of CALA, it was a minority investor in Patron and Legal & General’s acquisition of the business from Lloyds Banking Group, and in the case of Retirement Bridge Group it was a 50:50 joint venture partner in the carve-out of the business from Grainger plc. Following this acquisition, Patron will own 100 per cent of Retirement Bridge Group.
Sovereign Reversions comprises approximately 700 UK home reversion equity release assets, similar to those in the existing Retirement Bridge Group portfolio. The Sovereign Reversions portfolio is already managed by Retirement Bridge Group under a management agreement. Following the deal, Retirement Bridge Group will own more than 4,100 equity release assets with a combined vacant possession value of around GBP600 million. Completion of this acquisition will be subject to regulatory approval of change of control.
Keith Breslauer, managing director of Patron Capital, says: “This was a welcome opportunity to increase our stake in two highly successful investments that are performing ahead of expectations. CALA continues to trade extremely well and our Retirement Bridge deal was recently shortlisted for ‘Deal of the Year’ at Property Week’s Property Awards.
“Our purchase of Sovereign Reversions is in line with our business plan to grow Retirement Bridge Group through add-on acquisitions and new originations. We have created a strong and scalable platform and Sovereign will be highly complementary to the existing portfolio.”

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