REAL ESTATE TECHNOLOGY
businesswire | January 11, 2021
Benefactor Capital, the container European institutional speculator zeroed in on property-upheld ventures, has shut its latest asset, raising €844 million ($1.038 billion), including roughly €128 million ($157 million) of co-venture capital for Patron Capital, L.P. VI ('Fund VI').
Of the all out €844 million raised for Fund VI, 83% came from Patron's current speculator base and existing connections, with most of responsibilities coming from North America, trailed by Asia Pacific, Europe, and the Middle East. Financial specialists included benefits reserves, sovereign abundance reserves, enrichments, establishments and resource supervisors. Evercore went about as the essential position specialist.
Asset VI will proceed with a similar speculation system as Patron's past assets, shrewdly focusing on upset and underestimated ventures, straightforwardly or by implication identified with property, across Western Europe. The asset will put resources into singular properties across a scope of areas, just as in property-upheld corporate speculations and credit openings. Lately, the Fund has just finished a few speculations and is in the last phases of shutting on a few others, utilizing around 25% of the Fund's venture limit.
Keith Breslauer, Patron Capital’s founder and Managing Director, said:
“This is the seventh fund that we have closed in our 21-year history. In this time, we have established a proven track record in identifying opportunities and maximising value, built exceedingly strong relationships and, ultimately, demonstrated that we can deliver attractive returns in any economic environment. This is why we have been able to close this latest fund with such a high proportion of our existing investors and relationships, as well as bring in the final tranche of capital against a backdrop of extreme uncertainty due to the COVID-19 pandemic.
“The pandemic has accelerated a number of existing trends across different real estate sectors in Europe, as well as created opportunities to acquire fundamentally sound but mismanaged assets at attractive prices. Our experienced team, granular approach and in excess of €3 billion of firepower means we are well positioned to make the most of these opportunities and we are actively looking to deploy capital.”
About Patron Capital
Patron represents approximately €4.3 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 undertaken more than 170 transactions across 84 investments and programs involving over 65 million square feet (6 million square metres) in 16 countries, 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 and Luxembourg; the group is comprised of 71 people, including a 40-person investment team.
prnewswire | October 15, 2020
Auerbach Funds today announced the first close for its third real estate private equity fund, Auerbach Opportunity Fund III ("AOF III"). AOF III initially raised $14.7 million of capital commitments and is focused on opportunistic real estate investments in distressed, mismanaged, or underperforming assets within the multifamily, retail, and specialty class located across the U.S. The first close or "friends and family round" was comprised almost entirely of existing investors from Auerbach Opportunity Funds I & II, and AOF III has a target size of $100 million.
REAL ESTATE INVESTMENT
Staley Point Capital | January 15, 2022
Staley Point Capital ("Staley Point"), a value-add investor focused on infill industrial properties, today announced the off-market acquisition of 18689 Arenth Ave, a 97,000 square-foot industrial asset in the City of Industry, California, for $22 million or $227 per square foot. The transaction represents the firm's first investment in the San Gabriel Valley market.
The institutional quality, 86% leased asset is 24-foot clear with eight dock high positions and a functional concrete truck court. The City of Industry benefits from its central location at the intersection of Los Angeles, Orange, San Bernardino and Riverside Counties. This asset has direct access to Highway 60 which connects the affluent West LA consumer markets, two nearby intermodal yards and the distribution centers in the Inland Empire.
We are excited to close our first acquisition in the San Gabriel Valley which is one of the most supply constrained markets in the Country, The San Gabriel Valley is critical to the movement of products and materials from Asia, Mexico and the Pacific Coast to the eastern United States. The City of Industry is a sought-after logistics corridor with ideal local infrastructure and the ability for businesses to operate 24-hours a day."
Eric Staley, Managing Director of Staley Point.
The acquisition was completed via a joint venture between Staley Point Capital and Bain Capital Real Estate. The vehicle has been an active acquiror of infill industrial properties on the West Coast since launching in September 2020. Most recently, Staley Point closed on 2425 Saybrook Ave., a 42,000 square-foot industrial property in Commerce, CA for $12.95 million and 12450 Foothill Blvd., a 103,000 square-foot industrial asset in Sylmar, CA for $24 million.
Winston & Strawn served as legal counsel to Staley Point Capital for the transaction. JLL represented both the buyer and seller and JLL Capital Markets will arrange the loan financing.
About Staley Point Capital
Staley Point Capital is a Los Angeles-based real estate investment firm. The firm was founded in 2019 by Kevin Staley and focuses on the acquisition of value-add and opportunistic real estate investments primarily in the industrial sector. Notable Southern California investments have included The Citadel in the City of Commerce, Magellan Gateway in El Monte and a self-storage portfolio, Magellan Storage.