London-based real estate private equity group Patron Capital Partners has agreed to sell the Phones 4u Arena in Manchester, managing director Keith Breslauer told PropertyEU.
London-based real estate private equity group Patron Capital Partners has agreed to sell the Phones 4u Arena in Manchester, managing director Keith Breslauer told PropertyEU.
He declined to name the buyer. Patron acquired 70% of the complex, which is valued at some €80 mln and includes the 21,000-seat capacity arena, from Development Securities in 2010.
In Germany, Patron is looking to sell Zalando, a recently refurbished office complex on Berlin’s Mollstrasse. Bought in 2011, the scheme was redeveloped and re-let to a new tenant.
Breslauer: 'This operation reflects our strategy of buying and repositioning empty or distressed assets, fully tenanting the property and then selling it to institutional investors. We operate as a bridge to the institutional market.’
Patron Capital manages €2.5 bn of capital across several funds with offices in London, Luxemburg, Barcelona, Milan, and Dreieich (Germany).
Commenting on Patron's strategy across Europe, Breslauer said the company will be focusing more on Germany, France and Spain in the future as opposed to the UK, where it has recently made 75% of its investments.
‘We have nine active bids at the moment in Germany and 3-4 serious acquisition negotiations,’ he noted.