Spain: Private equity real estate fund Patron Capital has taken a majority stake in Barcelona-based Vanguard Student Housing.
The founding partners of Vanguard Student will remain as minority shareholders.
In the last two years, Patron Capital has bought eight buildings through its investment vehicle Vandor Real Estate Socimi.
It has now take a majority stake in management company Vanguard Student Housing, which manages its coliving buildings and apartments for students and young professionals. The acquisition will help drive the improvement of management, IT, sales and marketing systems, both companies said in a statement.
Patron Capital acquired the stake from from 3 Capital Real Estate. Patron is looking to purchase further buildings in Madrid, Barcelona, Valencia and Bilbao for the platform.
It will invest €50 million euros for the renovation of the assets it has already purchased, an additional €150 million over the next two years.
