Following the acquisition by Redevco of Ahold’s Spanish real estate portfolio (65 assets, primarily supermarkets and hypermarkets), Patron acquired the non-core assets within this portfolio, comprising:

  • 5 Ahold-tenanted supermarkets (“A”)
  • 8 vacant supermarkets (“B”)
  • 4 excess parking lots (“C”)


  • Strategy for the above focused on:
  • “A” – yield compression achievable on individual assets sales plus refurbishment and sale of vacant floors and parking on three properties
  • “B” – refurbishment and conversion to smaller units for re-lease and sale
  • “C” – small part of portfolio, sale of individual plots


  • Attractive properties in strong locations with good re-letting potential following work-out where appropriate
  • View Investment Memo