Meridia closes third RE fund on €215m

The Barcelona-based investment manager’s fundraise for Fund III has surpassed the €150 million it corralled for its second vehicle. 

Meridia Capital has held a final close on its third Spain-focused real estate investment fund after collecting €215 million.

The value-add vehicle, Meridia III, will be used to invest in properties across Spain, with a particular focus on the country’s major cities Barcelona and Madrid. The firm said it would be targeting all real estate sectors via the fund.

The firm had originally targeted a capital raise of €250 million for Fund III. Including leverage, Meridia III will have an investment capacity of over €400 million. The fund's predecessor, Meridia II, was closed on €150 million in October last year.

Earlier this month, Meridia made its first purchase on behalf of fund III when it acquired a €52 million portfolio of nine logistics and office assets, located in Madrid and Barcelona. The portfolio, which totalled 452,000 square feet, comprised eight office buildings and a logistics warehouse. The assets were acquired from the Spanish real estate fund Segurfondo Inversion, which is managed by property services firm Inverseguros.

Meridia was founded in 2006 by Javier Faus, the former Iberian managing partner at London-based Patron Capital. In September 2014, Faus recruited Juan Barba, who was formerly head of transactions at Spanish bank Sareb, as managing director for real estate.