Patron Capital has completed its fourth investment in Ireland, buying the €228m (£186m) Project Drive loan portfolio from Nama.
The pan-European institutional investor has bought the book of six commercial loans for around €50m.
The loans, linked to Dublin developer Brian O’Farrell, are secured on retail assets located mostly in Ireland, including the Northside shopping centre in north Dublin, and in Poland.
Earlier deals in Ireland include the purchase of the Clarion IFSC Hotel in Dublin in December, which has recently been renamed the Spencer Hotel. Patron also bought the former Chief O’Neills hotel in Dublin and has opened a site in Spawell through its five-a-side football brand Powerleague.
Patron has also set up a €400m joint venture with Meridia Capital to invest in real estate in Spain.
It is ploughing €250m into the jv with Meridia, which is contributing up to €150m through its Iberian Real Estate Fund. With gearing, the partners will have €800m to take advantage of the Spanish recovery.
