Meridia II seeks to reduce risk by diversifying the portfolio among several segments of the real estate market.
Focus on value-add projects
Specifically, our investment strategy focuses on the following:
- Value-add approach: acquisition, refurbishment and/or reconversion of all types of real estate assets (including development, but limited)
- All segments: office, retail, logistics, hotel, residential, commercial and any other type of REO assets; loan/credit/debt with underlying real estate assets
- Greenfield development (although limited to 20% of the Fund)
- Focus on Spain, mainly Madrid and Barcelona
- madridProject Aecus
- Barcelona/MadridProject Horizon I
- ValenciaProject Consum
- BarcelonaProject Hotel BCN 1882
- madridProject Aecus Location View on Google Maps
In July 2015 we announced the acquisition of 12 retail units located mainly in Madrid. The premises have a joint built area of c.28,000 sqm in total and are mostly food retail units. The main anchor tenant is Mercadona - the leading food retailer in Spain -, which accounts for 32% of total rents. This deal consolidated our strong exposure to the Spanish retail market and enhanced our position in Madrid, the primary location of our assets in this segment. This acquisition also added a fifth Mercadona unit to our portfolio.
- Barcelona/MadridProject Horizon I Location View on Google Maps
In March 2015 we announced the acquisition of 11 office buildings in Spain. 7 assets are located in Barcelona with the remaining 4 in Madrid. The portfolio has a total surface area of 84,000 sqm (66% in Barcelona and 34% in Madrid). The properties are located predominantly throughout new business areas in Spain’s two main cities. The Barcelona portfolio includes the Meridian building, a 24,000 sqm office block spread over 18 floors. This acquisition, the fourth carried out by Meridia II, increased our exposure to the office segment significantly.
- ValenciaProject Consum Location View on Google Maps
In January 2015 we announced the acquisition of 10 food retail spaces by Meridia II. 9 out of the 10 centres acquired are located in the autonomous community of Valencia while 1 is located in Castilla-La Mancha, outside the Valencia region albeit close to it. The premises have a built area of 21,954 sqm in total and are leased to the Valencia-based cooperative Consum, one of the main food retailers in Spain. Consum is in fact a particularly strong operator in the Mediterranean Arch and the market leader in the Valencia region. The acquisition constituted a rare opportunity to acquire several food retail spaces all at once. Meridia II is working towards implementing a defined build-up strategy to expand its exposure to the retail sector – building a well-balanced, geographically diversified and risk adjusted platform of commercial retail units in Spain.
- BarcelonaProject Hotel BCN 1882 Location View on Google Maps
In June 2014 Meridia announced the first acquisition by Meridia II, its new real estate vehicle. The Fund acquired the German multinational Henkel’s corporate headquarters in Spain. The property is located in Barcelona at the Eixample Dret neighbourhood, a consolidated and proven touristic and commercial location, just two blocks away from one of the city’s main attractions, Sagrada Familia. The Property comprises three plots adding up a total area of 3,045 sqm. With the aim of maximising the project’s value, Meridia has developed a mixed-use complex of over 19,000 sqm comprising residential flats and a Hotel, Barcelona Hotel 1882.
- MadridProject Tandem
- MadridProject Acqua
- madridProject MiraMadrid
- MadridProject Albufera
- ValenciaProject Ribarroja
- BarcelonaProject Nestlé
- madridProject Avalon
- BarcelonaProject Horizon II
- MadridProject Tandem Location View on Google Maps
In December 2016 we acquired a 24,063 sqm portfolio of four assets located primarily in Madrid. The portfolio included a logistics platform and three retail units. All the assets were acquired through Meridia II for approximately €20 million. This deal further strengthened our retail/logistics exposure in Spain, complementing our previous acquisitions of a warehouse in Valencia plus the Consum and Aecus retail portfolios.
- MadridProject Acqua Location View on Google Maps
In July 2017 we acquired a c.4,000 sqm office building in Madrid. The asset was bought from a global real estate investment manager through Meridia II. With this deal we gave closure to the investment period in Meridia II, entering a phase of asset management that continued enhancing the value for our investors.
- madridProject MiraMadrid Location View on Google Maps
In July 2015 Meridia Capital announced the acquisition of Miramadrid, a shopping centre located in Madrid. The property comprises a 7,148 sqm mall. Opened in August 2009, the shopping centre is distributed over two floors above ground and has 50 retail units and a petrol station. This asset allowed Meridia Capital to continue with its add-on retail strategy initiated with the acquisition of Albufera Plaza last September and followed by the purchase of ten food retail units operated by Consum in January.
- MadridProject Albufera Location View on Google Maps
In September 2014 Meridia Capital announced the acquisition of Albufera Plaza, a mixed-use property located in the Vallecas district of Madrid. The centre, officially opened in 1991 and with 27,780 sqm, has an office building, a shopping centre featuring prime retail businesses, such as the Inditex group and Mercadona, and a car park with 210 spaces. The shopping centre, completely overhauled in 2011, boasts three floors above ground level and 23 commercial units. The office building, located above the shopping centre, has seven floors. The property is strategically located to the southeast of Madrid, close to the main access roads and public transport routes.
- ValenciaProject Ribarroja Location View on Google Maps
In May 2016 we announced the acquisition of a logistics platform in Valencia. The asset is a multitenant logistics platform with high quality standards. It has a total built up area of c.22,000 sqm and is comprised of 8 independent modules with flexibility to be joined or adapted to larger tenants. The property is located in Ribarroja de Turia, a prime location in one of the best logistics areas in Valencia. With this acquisition, Meridia II investments virtually came to an end, with the remaining equity to be used for small retail add-ons.
- BarcelonaProject Nestlé Location View on Google Maps
In October 2018, Meridia Capital closed the sale of Nestle’s headquarters in Barcelona to Korean investment manager IGIS Asset Management . The property, acquired in February 2016, comprised 5 office buildings and had a joint built area of 27,607 sqm and almost 600 parking spaces. During the holding period Meridia carried out diverse refurbishment actions in order to reposition the buildings.
- madridProject Avalon Location View on Google Maps
In August 2018 we announced the sale of 5 buildings in the Avalon business park, the main asset of a mixed-use portfolio acquired in May 2015. The buildings sold comprise 24,495sqm and are located in Julian Camarillo, a 950,000sqm, consolidated office sub-market within the city of Madrid.
The portfolio comprised 33 assets located mainly in Madrid (with these accounting for more than 80% of total value) but also in Barcelona, Burgos, Valencia and Valladolid. This portfolio includes office, retail and residential assets as well as a land plot in Valencia.
- BarcelonaProject Horizon II
In July 2015, we announced the sale of Project Horizon II, which comprised 2 assets well located in central Barcelona. The assets, named 'Girona 2' and 'Via Laietana 4', were office buildings with residential use. This successful disposal was a clear example of Barcelona's active residential market.