Spain's Meridia buys 12-asset food retail portfolio

Spanish asset manager Meridia Capital Partners has announced the acquisition of 12 retail units in Madrid for an undisclosed amount.

Meridia, which is based in Barcelona and led by Javier Faus and Juan Barba, former investment director at 'bad bank' Sareb, said the properties were bought for its Fund II. The name of the vendor was not disclosed.

The portfolio has a total built area of 28,000 m2 and consists largely of food retail units, with Mercadona representing the largest tenant (32% of total rents). Other tenants include Dia, Eroski, Opel and Banco Santander.

'Following the purchase of Albufera Plaza in September, the retail units operated by Consum in January and Miramadrid in July, this deal consolidates our strong exposure to the Spanish retail market and
enhances our position in Madrid, the primary location of our assets in this segment,' said Juan Barba, managing director for real estate at Meridia Capital.

Meridia Capital was advised on the deal by Aguirre Newman, Cuatrecasas and Deerns. In May 2014, it launched Meridia Fund II, which raised €150 mln of equity commitments and has an investment capability of €400 mln.