Spanish alternative investment firm Meridia Capital Partners has announced the first investment of its latest real estate fund, acquiring a 42,000 sqm portfolio of nine assets.
The properties, located in metropolitan areas of Madrid and Barcelona, were purchased through Meridia III.
The fund closed on €250m of equity last November. Including debt, the fund has total investment capability of around €600m and is the largest vehicle raised by Meridia to date.
Meridia II was closed in May 2014 on €150m with a total investment capability of some €400m, including debt.
Commenting on the deal, Juan Barba, partner and managing director 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.”
Meridia Capital’s founding partner and CEO, Javier Faus, said, “The launch of Meridia III and this first deal demonstrate that we continue to be very positive about the prospects that the Spanish real estate sector offers.
“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.”
In March, Meridia launched its first private equity fund, targeting €125m. Meridia Growth I will focus on investing in Spain-headquartered mid-market businesses, generating revenues of €15m to €100m.