| Fund | Patron Capital, L.P. II |
| Location | Birmingham, Croydon, Manchester, Sheffield, Leeds |
| Inv. Date | July 2005 (initial) |
| Inv. Strategy | Undervalued Assets |
Delek
- A 55% holding in a corporate vehicle with Princeton Investments
as operating partner and Israeli oil company Delek Belron owning
the balance of 44%. Entity holds four office buildings located in
Croydon, Manchester, Birmingham and Sheffield:
- Delek JV Press Release
Centre City
- Centre City is a large (207,393 sq. feet) multi-tenanted 1960's
office tower located in Birmingham's inner ring road. The asset
serves as the regional headquarters for various tenants including
Legal & General who are mostly on reversionary leases
- The building needs active management to take advantage of its
proximity to the new Bullring shopping centre
- Centre City Refurbishment - October 2006 (PDF)
Croydon NLA Tower
- The NLA Tower is a landmark concrete office tower (170,000 sq.
feet) built in the early 1970s located adjacent to a major
regeneration site
- In the process of current refurbishment and reletting
- No. 1 Croydon Images - June 2008 (Slideshow coming
soon)
- Croydon Refurbishment - May 2007 (Slideshow coming soon)
Manchester - "SimChem House" - Sold
- SimChem House is a 1960s office building (79,444 sq. feet) in a
prestigious residential suburb of Manchester
- The asset is let on a 16 year lease to a UK plc, former sister
company to Simon Storage, with a guarantee from its parent, a blue
chip Singaporean holding company
- The building's current use as a UK plc head office is
inappropriate due to its condition, functionality, and image. The
intention is to refurbish and re-clad for tenant in exchange for a
re-gearing of the lease
Sheffield - "City Plaza" - sold
- City Plaza is a multi-tenanted 1970's office tower (117,830 sq.
feet), with a mix of medium to long term leases and strong
covenants
- This building is the anchor of the portfolio for loan security
and gives the ability to generate higher leverage at a lower
margin
The building is a popular tenant choice in comparison to generally
low quality stock in Sheffield.
- Tenants in the building will be actively managed and common
areas will be refurbished
Cloth Hall - sold
- Acquisition of portfolio of 2 office buildings (Cloth Hall A
and Cloth Hall C) with a total of 101,524 square feet in Leeds City
Centre
- Acquired 100% occupied with under market rent levels
- Top quality covenants (Ernst & Young and Eversheds)
- Opportunities include:
Cloth Hall A Building - Refurbish interior to A credit level once
Eversheds vacates in 2007 and raise rents to market level, planning
permission granted
Cloth Hall C Building - Refurbish interior to A credit level and
raise rents to market level
- Sold both buildings to separate buyers in Autumn 2007
- View New Plans (PDF, 6.7MB)
City Plaza
Birmingham - "St. Philips Point"
- Comprises of approximately 96,000 sq ft, 9 storey mixed-use
(office and retail) building located in the centre of the CBD of
Birmingham
- Strategic repositioning plan includes:
• Refurbishment on vacant office floors - completed
• Refurbishment of lower floors including removal of
escalator and creation of 4,500 sq. ft of new office space and
2,000 sq. ft of retail space - all completed
- The attraction of this investment is its absolute prime
location in central Birmingham, opportunistic repositioning of
retail into office to achieve highest and best use, and potential
for substantial ERV gain post refurbishment programme
- This investment by Patron represents the third investment in
Fund II in its UK Small Office Program which currently holds the
Delek portfolio located in Croydon, Sheffield, Birmingham and
Manchester and the Cloth Hall building in Leeds
- St. Philips Square Office Launched! (View
Brochure)
- View More Images of St. Philips Square Office (View Slideshow)
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