Meridia Capital Partners has tapped its third fund to buy the Barnasud shopping centre in Barcelona in a €35m deal.
The firm said it plans to carry out a €7m capital expenditure programme in the asset, which was built in 1995 by food retailer Caprabo and sold to Unibail in 2002.
Meridia said, “Barnasud is a fantastic addition to our Meridia III portfolio.
“This deal represents the seventh purchase of the investment vehicle and the first retail asset bought in Barcelona, following the acquisition of Albufera Plaza and MiraMadrid shopping centres in Madrid through Meridia II.
“Barnasud is a reference place in its area of influence. We plan to carry out an intensive CapEx programme in the property, mainly focusing on its façade and external appearance while improving technical aspects and certain commercial units.”
Meridia added, “Regardless the current political uncertainty, Spain is still an attractive market that offers returns above European average.
“Furthermore, Madrid and Barcelona continue to be the third and fourth metropolitan areas of the euro zone, with competitive prices and great capacity of attracting talent.
“Meridia is backed by highly regarded international and institutional investors with a long-term view of our country that focuses on the attractive fundamentals of the sector.”
Source: AltAssets