Travers Smith LLP has advised Mitsubishi Estate Co., Ltd ("MEC") on its acquisition, through the Mitsubishi Estate Global Partners investment management business ("MECGP"), of a majority interest in Patron Capital Advisers LLP ("Patron"). MECGP has further agreed to provide commitments to Patron's funds and financing for new subsector strategies including real estate credit. The transaction is subject to relevant regulatory consents.
MEC is one of Japan's largest real estate developers and is listed on the Tokyo Stock Exchange Prime Market. Through this strategic acquisition, MECGP will further strengthen support of its existing investors, broaden its investor base including Japanese investors, and leverage synergies with its own balance sheet capital investments to drive continued growth of Patron Capital and MEC’s European investment management business. Following this transaction, MECGP's total AuM will increase to approximately 6.8 trillion JPY.
Patron, established by Keith Breslauer in 1999, invests in European property and corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses. In 2024, Patron closed its seventh flagship fund, Patron Capital, L.P. VII, raising in excess of €970 million.
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Victoria Bramall together with Partners Tom Hartwright and Jaryd Davidson. They were supported by Senior Associates Eric van Winssen, Tiarnan McKeown and Sam van Besouw and Associates Ollie Creamer and Eloise Boyd. Funds advice was provided by Funds Partner Jeremy Elmore, Senior Counsel Sarah Stewart and Associates Angus Thompson and Sid Sachdeva. Advice in relation to regulatory matters was provided by Financial Services and Markets Partners Tim Lewis and Danny Riding, Senior Associate George Wilders and Associate Louise Richmond. Tax advice was provided by Tax Partners Russell Warren and Elena Rowlands and Senior Associate Aimee Hutchinson.
MEC was also advised by Nishimura & Asahi, Deloitte and Morgan Stanley & Co. International PLC.
