Meridia makes first purchase from Fund III

The Barcelona-based investment fund manager has bought a portfolio of office and logistics assets on behalf of its largest real estate investment vehicle to date. 

Meridia Capital Partners has acquired a €52 million portfolio of nine assets in Madrid and Barcelona through the value-add Meridia III fund. 

The assets, which total 452,000 square feet, comprises eight office buildings and a logistics warehouse, as well as 582 car parking spaces. Six of the properties are based in the Spanish capital, the remaining three in Barcelona.

The portfolio was acquired from the Spanish real estate fund Segurfondo Inversion, which is managed by property services firm Inverseguros. Existing tenants include BBVA and Telefonica.

Meridia III, which garnered €250 million in capital commitments, targets Spanish real estate with a particular focus on office buildings and retail properties.

Juan Barba, partner and managing director of real estate at Meridia, said: “The country has been showing clear signs of recovery in the office segment, triggered by an increase in occupancy levels as well as gradual rental growth. This transaction brings new office assets to those acquired through Meridia II, thus reinforcing our local presence in this sector.”

Notable investments from the firm’s previous fund, Meridia II, include Henkel’s former headquarters, Nestle’s Spanish headquarters, both in Barcelona, and the Avalon business park in Madrid. Meridia I was focused mainly on international real estate, with acquisitions such as the Four Seasons in Mexico and the Apple store in Paris.

Javier Faus, Meridia’s founding partner and chief executive officer, said the first transaction through the new fund were a clear indication of the firm’s confidence in the Spanish real estate market, particularly the office sector.

“Through the new vehicle, we aim to leverage on our track record and extensive experience in this market, which we believe will allow us to continue achieving attractive returns for our investors,” he added.

Meridia was founded in 2006 by Faus, the former Iberian managing partner at London-based Patron Capital. In September 2014, Faus recruited Barba, who was formerly head of transactions at Spanish bank Sareb, as managing director for real estate. One of Barba’s first major deals was the €100 million purchase of 11 office buildings, in Madrid and Barcelona, from GE Capital Real Estate in March last year.

Meridia was advised by real estate consultant Aguirre Newman and law firms Garrigues and Dokei.

  

The firm currently has €525 million of assets under management, with €400 million in real estate and €125 million in private equity.