Patron Capital sells its stake in docklands portfolio

Private equity firm Patron Capital has sold its stake in a portfolio of properties in the docklands area that includes buildings let to Google and Oracle.

The pan-European institutional investor, which focuses on property-backed investments, sold its interest in the portfolio of offices to New York-based Madison International Realty.

Madison, a private equity firm specialising in the recapitalisation of property assets and portfolios, purchased Patron’s stake with its Irish partner CMP Investment Partners for an undisclosed sum.

The acquisition is Madison’s third transaction in Dublin and its second in partnership with CMP Investment Partners. Earsfort Group is the other investor in the portfolio.

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The portfolio comprises six buildings totalling 237,000 sq ft located at Eastpoint Business Park, immediately north of Dublin city centre in the docklands area. They are fully let to “high-quality tenants” including Oracle and Google.

The portfolio was assembled by Patron in a series of five transactions between 2015 and 2017.

Patron’s co-investment partner and asset manager on the investment was the Earlsfort Group, which will continue to act as co-investment partner and asset manager for Madison.

Patron Capital senior partner Stephen Green said the firm would continue to look for potential acquisitions in the Republic.

“Having assembled the portfolio and completed our asset management plan, including securing new tenants to reach full occupancy, we are pleased to sell these buildings to Madison in this successful transaction,” he said.

“We continue to look at further opportunities in Ireland where we can add value through creativity and proactive asset management.”

Madison director Alex Lukesch said he was pleased with the deal. “Dublin is an increasingly desirable location for international businesses and Eastpoint Business Park is well positioned to cater to them,” he said.

“Let to established tenants, these are quality assets set in an attractive and well located urban business park. CMP and ourselves look forward to working with Earlsfort Group to ensure a continued positive experience for our tenants.”