Spanish private equity firm Meridia Capital has acquired the Albufera park in Madrid from a fund of General Electric for around €21 mln.
Spanish private equity firm Meridia Capital has acquired the Albufera park in Madrid from a fund of General Electric for around €21 mln.
The shopping centre provides 27,780 m2 of space and 250 parking spaces. Main tenants include retailers Mercadona and Inditex.
The purchase follows the launch of a joint venture with UK-based investor Patron Capital in May to invest up to €800 mln in Spanish real estate.
Meridia Capital, led by Javier Faus, said at the time that it would invest up to €150 mln of capital through its new vehicle, Meridia Iberian Real Estate Fund, while Patron Capital would contribute around €250 mln. This would give the partners a spending capacity of €800 mln after leverage.
Patron Capital has had an office in Barcelona since 2003 led by Pedro Barceló. Existing investments in the country include Hotel Arts, the BCN-2 mixed-use complex, the Poblenou residential investment in Barcelona, and the Generator youth hostels.
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