New partnership in Northside Shopping Centre
Patron Capital Partners has formed a new retail and residential partnership with Brian O’Callaghan, the son of well-known Cork developer Owen O’Callaghan.
Patron has already begun working on its first joint project with Mr O’Callaghan to operate and expand the Northside Shopping Centre on the northern fringe of the M50 in Coolock, Co Dublin.
The UK and Luxembourg property fund with €2.5 billion under management acquired the centre in May from NAMA. The shopping centre was a key asset in a portfolio of loans “Project Drive” bought by Patron, which are associated with developer Brian O’Farrell. Project Drive had an outstanding loan balance of €228m which implies an approximate discount of 78.5%. Other assets in the portfolio include a retail centre in Poland, a potentially valuable site in north Dublin and a large house in the K Club.
