Spanish alternative investment manager Meridia Capital has sold a portfolio of assets in Barcelona and Madrid to Partners Group for €215 mln.
The portfolio comprises 18 properties, predominantly offices, with a total gross lettable area of 91,000 m2. Meridia will continue to manage the portfolio.
Zug-based Partners Group said the acquisition reflected its focus on acquiring value-add office and mizen-use properties in tier 1 cities with strong fundamentals and growing tenant demand.
'One of our key strategies in Spain, as well as globally, is to provide liquidity solutions to general partners and real estate operators that need a new partner for the next phase of their asset-level value creation plans. We see great value creation potential in this portfolio,' said Stefan Lempen, managing director and co-head of private real estate Europe at Partners Group.
The deal also brings the Meridia II fund, launched in May 2014 with an investment capacity of €400 mln, closer to full realisation, with returns surpassing its initial target.
Javier Faus, chairman of Meridia Capital, said: 'This is a very important milestone for Meridia Capital. We are delighted to have completed this transaction, expanding our existing relationship with such a prominent global private markets investor as Partners Group.
'We are also equally proud to have provided liquidity to our existing investors and look forward to creating additional value in the assets together with Partners Group.'
