LONDON--(BUSINESS WIRE)--Patron Capital, the pan-European institutional investor focused on property backed investments, has acquired ‘Le Magnum’, an office building located in one of the most sought-after locations of Greater Paris in Levallois-Perret. Patron acquired the building for €71.5 million from the open-ended real estate fund Deka-Immobilien Europa with the support of Cleaveland, Patron’s asset management partner.
Built in 1994 and renovated in 2008-2009, the postmodernist property offers 10,550 sqm of floor space and is fully leased to L’Oréal, the French cosmetic products manufacturer, until the middle of 2019. Patron plans to redevelop the building to provide a contemporary, high-quality headquarters office building, fitting with its immediate neighborhood, designed to attract first-class tenants.
The acquisition was made via Patron’s latest fund, Patron Capital, L.P. V.
Keith Breslauer, Managing Director of Patron Capital, said:
“In a prime and increasingly popular location close to Paris’s CBD, this property represents an exceptional opportunity to add value through asset management and an in-depth understanding of the local property market.
“Having raised €949 million to invest in property and property-related investments in Western Europe, and with a history of over 18 years investing in France, we currently see significant potential in France and are actively looking to acquire further assets and platforms to grow our portfolio within this market.”
Dominique Bonin, Co-Founder of Cleaveland, added:
“This is a building with significant value creation potential in one of the most prime districts of Greater Paris. We are pleased to be continuing our long-standing partnership with Patron Capital to reposition Le Magnum to create a sustainable office building with very high specifications.”
Notes to Editors
About Patron Capital Partners
Patron represents approximately €3.4 billion of capital across several funds and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses.
Since it was established in 1999, Patron has invested in over 74 investments and programs involving over 65 million square feet (6 million square metres) in 16 countries and a significant focus in France, with many of these investments realised.
Investors represent a variety of sovereign wealth funds, prominent universities, major institutions, private foundations, and high net worth individuals located throughout North America, Europe, Asia and the Middle East. The main investment adviser to the Funds is Patron Capital Advisers LLP, which is based in London, and Patron has other offices across Europe including Barcelona, Milan and Luxembourg; the group is comprised of 76 people, including a 43-person investment team.
Further information about Patron Capital is available at www.patroncapital.com
Cleaveland was established in 2005 and is now fully owned by Edmond de Rothschild since June 2016. It is a French AMF registered Investment/Asset, OPCI and FPS Manager specialising in the acquisition and asset management of real estate assets in France with approximately €5.4bn of assets and 59 vehicles under management. The company mainly focuses on offices, retail, industrial & logistics products.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Bank Finance Group. Together with its subsidiaries it forms the Deka Group. The Deka Group has total customer assets of around EUR 283 billion (as at 31/12/2017) and more than four million securities accounts, making it one of the largest securities services providers in Germany today. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank Deutsche Girozentrale celebrates its 100th anniversary in 2018.
The Deka Group’s global real estate expertise is pooled in its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, and the service company, Deka Immobilien GmbH, manage and service around EUR 32 billion in real estate assets (as at 31/12/2017).