Spanish asset manager Meridia Capital Partners has announced the acquisition of a portfolio of nine assets in the metropolitan areas of Madrid and Barcelona on behalf of its newly-launched fund, Meridia III.
Meridia III is the company's largest value-add fund, having launched earlier this year with €250 mln of investment capital.
The portfolio, which was bought from the Spanish real estate fund Segurfondo Inversión, managed by Inverseguros, provides around 42,000 m2 of space, mainly office buildings but also a logistics warehouse, as well as 581 parking spaces.
Financial details were not disclosed.
Six assets, which account for 87% of the portfolio in terms of square metres, are located in Madrid, whereas the remaining 13% (totalling three buildings), are situated in Barcelona. Major tenants include bank BBVA and Telefonica.
'This is an excellent opportunity to acquire a diversified portfolio with high value creation potential,' said Juan Barba, Partner, managing director real estate at Meridia Capital. '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 was advised by Aguirre Newman, Garrigues and Dokei.
