Goodwin has represented and advised Patron Capital Advisers LLP (“Patron”) in the context of the acquisition of a majority stake in Patron by Mitsubishi Estate Co., Ltd’s investment management business (“MEC”). In the context of the transaction, MEC will also be providing €600 million in the form of equity commitments to Patron’s funds and financing for new subsector strategies including real estate credit. The transaction is subject to relevant regulatory consents.
The transaction is part of a long-term strategic growth plan for Patron, providing new institutional backing and positioning Patron’s business positively for sustainable growth well into the future. Keith Breslauer, who founded Patron in 1999, said: “In the 25 years since Patron was founded, we have worked successfully through many cycles, building a high-calibre team across Europe and using our deep relationships and skillset to access opportunities and drive market-leading returns. This significant investment from MEC, particularly as a leading property investor and developer, is a strong endorsement of our success and is the next step in our predefined growth plan to take the business to the next level and position it for sustainable, long-term growth.”. This complex transaction was led and coordinated from Patron’s legal side by Kendall Langford, Patron’s General Counsel and Senior Partner.
Patron, represents approximately €5.3 billion of capital raised across several funds and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses. In 2024, it closed its seventh flagship fund, Patron Capital, L.P. VII, raising in excess of €970 million during a challenging global fundraising environment. Goodwin have also represented and advised Patron in the context of this fundraise.
MEC is one of Japan's largest real estate developers and is listed on the Tokyo Stock Exchange Prime Market.
The Goodwin team was led by Richard Lever and Michael Halford, with support from Patrick Deasy, Anne Stroude, Philip Spilberg and included Peter Parkes, Simon Prosser, Caitlin Chan, Benjamin Deutsch, Pareen Maru, Jeremy Thomas, Apsana Rai, Glynn Barwick, Sarah Jordan, Laurenz Bove, Anuj Ghai, Ed Saunders and Carl Windrup.
For more information on the deal, please read the press release here.