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Patron Capital JV buys 3 malls in Spain

Patron Capital Advisers LLP teamed up with Eurofund Capital Partners to acquire three malls in Spain to further its investments in the country, IPE Real Estate reported.

The partnership purchased El Mirador in Cuenca, Los Alcores in Alcalá de Guadaira and Alzamora in Alcoy. The two companies plan to invest about €13 million to refurbish and modernize the shopping centers, opening up to new brands and food and entertainment spaces.

Keith Breslauer, Patron Capital managing director, said the company plans to invest up to €300 million more in Spain, adding to the €200 million invested since mid-2015, the April 4 report noted.

In July 2016, Patron Capital raised €949 million for its fifth fund, Patron Capital V LP, which will invest in properties and entities in the U.K., France, Germany, Ireland, Portugal and Spain.