Meridia launches Real Estate Fund V and signs first deal

Corporate | Real Assets | 12.09.2023

Meridia, the Spanish-based alternative investment manager, has announced the successful launch of its newest vehicle, Meridia V, after completing a first close. The fund is expected to be the largest vehicle raised to date by Meridia.

Meridia V has already made its initial investment: a portfolio of two premier hotels in Barcelona and Málaga, comprising a total of 213 rooms. The hotels, namely Hotel Gallery in Barcelona's city center and Hotel Molina Lario in the heart of Málaga, present significant growth potential. Meridia V plans to implement a smart capex and asset management strategy to position both assets in the upper 4-star segment, while maintaining high environmental, social, and governance (ESG) standards.

Héctor Serrat, Real Estate Partner at Meridia, stated: "Meridia V enters the market in a unique moment. We will continue to execute our thematic, growth-focused investment strategy, while prioritizing investments with strong local proprietary angles. By combining our strategic approach, market expertise, and commitment to sustainability, Meridia V aims to capitalize on the current window of opportunity and deliver superior value for our investors. Our initial investment in these prime hospitality assets of Barcelona and Málaga is a clear example of such strategy."

Building on the success of its predecessor vehicles, Meridia V focuses on diversified value-add real estate opportunities in Spain, established to target areas of unsatisfied demand at the end-product level and, more generally, to exploit the long-term secular trends in the Spanish real estate market such as brown to green transformation, new demographics re-shaping real estate needs or scarcity of land. Meridia will leverage its deep local network, specialist Spanish market knowledge and strong asset management capabilities to identify and execute opportunities across Barcelona and Madrid primarily as well as Spain’s selected key provincial cities. The Fund aims to transform real estate assets while adhering to the highest ESG standards and will be classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR).

Cristina Badenes, Partner and Head of Investor Relations at Meridia, added: "The launch of Meridia V reinforces our standing as one of Spain's leading alternative investment managers. Amidst current challenging market conditions, we are proud to continue being a trusted choice for international capital in Spain. With our unwavering commitment to delivering consistent results and a longstanding track record, we continue to be a partner of reference in the market."