Spanish asset manager Meridia Capital is understood to have finalised the acquisition of a 75,000 m2 office portfolio in Spain from General Electric Real Estate.
Spanish asset manager Meridia Capital is understood to have finalised the acquisition of a 75,000 m2 office portfolio in Spain from General Electric Real Estate.
Meridia, which is based in Barcelona and led by Javier Faus and Juan Barba, former investment director at 'bad bank' Sareb, has bought a total of nine office buildings largely located in or near the cities of Madrid and Barcelona.
The assets, with an average occupancy rate of 70%, will be transferred to the company's Meridia Iberian Real Estate Fund (MIREF).
Spanish press reports put the price of the deal at some €100 mln.
Cushman & Wakefield is advising GE on the disposal.
The deal follows Meridia's acquisition last year of the Albufera retail park in Madrid from a General Electric fund for around €21 mln. The complex provides 27,780 m2 of space and 250 parking spaces. Main tenants include retailers Mercadona and Inditex.
Last May the company partnered with Patron Capital to create a new joint company targeting €800 mln of real estate assets in Spain.
Meridia said at the time it would invest up to €150 mln through its MIREF vehicle, with Patron Capital contributing around €250 mln.
In January the company purchased a food retail portfolio, also through MIREF. The 10-property package comprises 22,000 m2 of space mostly located in the Valencia region.
Juan Barba, managing director of real estate at Meridia Capital, said: 'We aim to build a well-balanced, geographically diversified and risk-adjusted platform of commercial units in Spain.'
