The purchase of the student co-living facility was financed with Equity and Debt. The purchase was financed with a loan of 10.8 million euros with the Ecuadorian bank Pichincha and 1.6 million euros in cash which is 266,666 euros per apartment.
The London investment fund Patron Capital has closed a new investment in Spain. Through its subsidiary it has purchased a residential building in Valencia, which has 6 apartments. Patron has invested 1.6 million euros, which means paying an average of 266,666 euros for each of the apartments.
The new building is located at number 2 Paseo Facultades, just 15 minutes’ walk from the Polytechnic University of Valencia. This acquisition is in line with Patron’s strategy in Spain to develop a portfolio of co-livings or shared accommodation. This building adds 1,335 square meters to the British fund’s portfolio.
According to documents to which EL PERIÓDICO DE ESPAÑA has had access; the Ecuadorian financial institution Pichincha has lent Patron 10.79 million euros, with mortgage guarantee, which will be used to finance this acquisition and refinance a previous purchase. Patron has cancelled the loan it had with Bankinter for the purchase of the property located at Balmes 335 (Barcelona), with an outstanding balance of 5.84 million euros.
Patron’s Spanish vehicle closed 2021 with revenues that doubled those of 2020. In total, the subsidiary earned more than half a million euros; although it reported a loss of 2.04 million euros. The provision of services and tax payments weighed down the income statement. As of December 31, 2021, the company had a real estate portfolio valued at 29.65 million: 16.81 million in land and 12.08 million in buildings already constructed.