Patron Capital, the pan European institutional investor focused on property backed investments, has acquired a portfolio of six commercial mortgage loans from the National Asset Management Agency (NAMA).
The outstanding portfolio loan balance is EUR228 million and the loans are secured primarily on retail assets mostly in Ireland and to a lesser extent in Poland.
EY advised NAMA on the sale process.
The acquisition of the loan portfolio represents Patron’s fourth investment in the Republic of Ireland, following the acquisition of the Clarion IFSC Hotel in December 2013 (recently renamed The Spencer Hotel), the former Chief O’Neills hotel in Dublin, which has been completely refurbished and is now operating under the Patron-owned Generator Hostels brand, and the opening of a site in Spawell by Powerleague, the five-a-side football brand also owned by Patron. It is also Patron’s third acquisition of assets controlled by NAMA.
Robert Booth, Patron’s senior adviser in Dublin says: “Patron expects the retail property sector in Ireland to improve as the economy recovers and therefore the acquisition of this loan portfolio represents an attractive investment.”
Stephen Green, senior partner and head of Patron’s special situations team, says: “This transaction is an excellent example of the real estate backed investments that Patron Capital is seeking in Ireland and elsewhere. Patron is delighted to have worked with NAMA and EY in closing this transaction.”
Mathieu Roland-Billecart, real estate corporate finance partner at EY, says: “This was a complex portfolio covering multiple sectors. Patron won the process after intense competition from real estate private equity and real estate loan investors and demonstrating a proven ability to close deals.”