Patron Capital has announced its first acquisition following the €844 million close of its Fund VI. In a joint-venture with Berlin-based Suprema, Patron has acquired the Aramis Building in Brussels’ Airport District (pictured above).
The 18,787 sq m (202,000 sq ft), 11-storey asset, completed in 2009, includes an on-site café and restaurant and is located 1.5km from Brussels Airport and close to Zaventem rail station.
In an interview with Real Asset Media this week, Patron Capital founder Keith Breslauer explained that the latest fund, Patron Capital LP VI, was raised primarily (83%) from previous investors.
Breslauer said that there is currently an enormous amount of money chasing yielding assets and there is no trouble selling if there is a lease that has credit.
“What is trickier is if there isn’t a lease or it is not yielding and what that value will be,” he added.
When purchased, the Aramis Building was 32% let to tenants including careers website Indeed, medical technology firm Avanos, Cheops Technology, Ortho Clinical Diagnostics and flexible workspace provider Interoffices.
“The Airport District has seen continuous rental growth since 2012 and has consistently outperformed take-up activity in most CBD sub-markets. It also has strong long-term prospects thanks to new transport infrastructure,” said Patron Capital investment director and senior partner Christoph Ignaczak.
“With the building only a third occupied, we see significant potential to attract new tenants by upgrading the space, improving the levels of service and amenity, and through active asset management,” he added.
“Our focus will be on creating an environment that provides the flexibility, service and amenities modern occupiers want in a post-covid world,” said Superma managing partner Daniel Cukierman.