Well balanced portfolio accross several segments of the Spanish real estate market.
Meridia II
Meridia II
Investment Strategy
Hands-on asset management through depth value-add
Investment strategy:
- Value-add approach: acquisition, refurbishment and/or reconversion of real estate assets
- All segments: office, retail, logistics, hotel and residential
- Development (limited to 20% )
- Focus on Spain, mainly Madrid and Barcelona
Meridia II
Current Portfolio - Partially Exited
- BarcelonaProject Hotel BCN 1882
- madridProject Aecus
- Barcelona/MadridProject Horizon I
- ValenciaProject Consum
BarcelonaProject Hotel BCN 1882
Location View on Google Maps Acquired in June 2014 as the German multinational Henkel’s corporate headquarters in Spain. The asset´s prime location - close to Barcelona´s Sagrada Familia - allowed for significant upside potential through redevelopment as a multi-use asset (hotel and residential). Meridia Capital´s project management team repositioned the asset and turned it into a 182 room four star hotel + 38 residential units.
- Hotel sold to institutional investor as part of an enlarged portfolio in April 2019. Returns above underwriting.
- Residential units currently selling individually.
madridProject Aecus Location View on Google Maps 12 retail units located mainly in Madrid. The premises - mostly food retail units - have a joint built area of c.29,000 sqm . The main anchor tenant is Mercadona - the leading food retailer in Spain. Meridia acquired the portfolio in July 2015 and partially sold it in April 2019 as part of enlarged perimeter.
Barcelona/MadridProject Horizon I Location View on Google Maps Meridia acquired a 84,000sqm portfolio of 11 office buildings in March 2015. The properties are located predominantly throughout new business areas in Spain’s two main cities (66% in Barcelona and 34% in Madrid). One of the main assets of the portfolio was the Meridian building - a 24,000 sqm office building in Barcelona.
The portfolio was mostly realised to an institutional investor in April 2019 as part of enlarged perimeter including other Meridia II assets.
ValenciaProject Consum Location View on Google Maps Portfolio of 11 food retail centres acquired in January 2015. The assets, mostly located in the Valencia metropolitan region have a total built area of 24,130 sqm and are leased to the Valencia-based cooperative Consum, one of the main food retailers in Spain.
In April 2019 3 assets were sold to an institutional investor as part of an enlarged transaction, rest of the portfolio to be sold individually.
Meridia II
Exited Portfolio
- MadridProject Tandem
- MadridProject Acqua
- madridProject MiraMadrid
- MadridProject Albufera
- ValenciaProject Ribarroja
- BarcelonaProject Nestlé
- madridProject Avalon
- BarcelonaProject Horizon II
MadridProject Tandem Location View on Google Maps Portfolio of 24,063 sqm comprised of four assets located primarily in Madrid. The portfolio included a logistics platform and three retail units. Acquired in December 2016 and sold to both individual and institutional investors throughout 2017-2019.
MadridProject Acqua Location View on Google Maps Office building in Madrid (c. 4,000 sqm). The asset was bought in July 2017 from a global real estate investment manager and realised in April 2019 to an institutional investor as part of enlarged perimeter with other Meridia II assets.
madridProject MiraMadrid Location View on Google Maps In July 2015 Meridia Capital announced the acquisition of the 7,148 sqm shopping centre Miramadrid, located in Madrid. The property, originally opened in August 2009, was sold in April 2019 after active tenancy management and a refurbishment.
MadridProject Albufera Location View on Google Maps Mixed-use property (office / retail) acquired in September 2014 and divested in January 2019 to an institutional investor. The asset, located in the Vallecas district of Madrid, had officially opened in 1991 and was split into a shopping centre and an office building adjacent to the shopping centre. Total GLA was 16,795 sqm.
Under Meridia´s tenure, the asset was completely repositioned.
ValenciaProject Ribarroja Location View on Google Maps Logistics platform acquired in May 2016 and sold in December 2018 to an institutional investor. The asset had a total surface of c. 22,000sqm built with high quality standards. The property is located in Ribarroja de Turia, a prime location in one of the best logistics areas in Valencia. During its tenure, Meridia managed to substantially improve its tenant mix and bring the occupancy up.
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 several refurbishment and asset management actions to reposition the buildings.
madridProject Avalon Location View on Google Maps In May 2015 Meridia Capital acquired Project Avalon, comprising a portfolio of 33 assets located mainly in Madrid (more than 80% of value) but also in Barcelona, Burgos, Valencia and Valladolid. The assets included office, retail and residential assets as well as a land plot in Valencia.
Most of the portfolio was exited in August 2018, when Meridia announced the sale of Avalon business park (24,495 sqm located in the MADBIT/Julian Camarillo area in Madrid).
The remaining portfolio was realised in April 2019 as part of enlarged perimeter with other Meridia II assets.
BarcelonaProject Horizon IIHorizon II was acquired in March 2015 and divested in July 2015. The portfolio comprised 2 assets well located in central Barcelona. The assets, named 'Girona 2' and 'Via Laietana 4', were office buildings with residential use. The quick divestment delivered excellent returns mainly driven by the excellent entry price paid, asset management and the rapid respond to interests and movements in the market.
