Patron Capital raises €949m for property investment

Patron Capital has raised €949m (£800m) to invest in property across Europe, including hotel properties.

The institutional investment company's hospitality investments include Generator hostels, Luxury Family hotels and the Spencer hotel in Dublin. It has closed its fifth fund, ‘Fund V', at €949m, including approximately €143m (£120m) of co-investment capital. Greenhill & Co acted as the placement agent.

‘Fund V' will continue the same investment strategy as Patron's previous funds, targeting distressed and undervalued investments across Western Europe. Around €164m (£138m) has already been deployed from Fund V and its co-investment pool.

It exceeded its original target of €750m (£632m) and attracted investors from nine countries, particularly North America, including pension funds, sovereign wealth funds, endowments, foundations and asset managers.

"Our new fund alone gives us the financial firepower to invest in around €3b (£2.5m) of assets and our experienced and hands-on team means we are very well placed to make the most of the significant distressed opportunities that exist in Western Europe. Having already made a number of investments across various countries and sectors, we are actively looking to deploy capital, and have several further opportunities currently under consideration."

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