In Spain, this new vehicle has already started its activity, with the conclusion of two investments, which represent a total of 75 million euro, according to the Spanish newspaper La Vanguardia. One of them is a 10,000 sqm office building located in Madrid’s MadBit district, a consolidated and increasingly sought after business area. The building is currently 61% occupied mostly by global IT company IBM. And the other is a portfolio of 4 office buildings, 2 in Barcelona and 2 in Madrid, totalling over 26,000 sqm. The properties are located throughout consolidated and integrated business areas in Spain’s two main markets.
Meridia IV targets 10 to 15 acquisitions covering all retail real estate asset classes, predominantly office, logistics and hospitality. In addition, and to a lesser extent, the Fund will look to open up to other more defensive and counter-cyclical areas on the alternative space. The geographic focus continues to be Spain (Madrid and Barcelona mainly), with a maximum 10% allocation to Portugal.
The new vehicle has welcomed commitments from global institutional investors, including insurance companies, pension funds, asset managers and investment firms, as well as prominent family offices and private investors.
And there could be more to come, since the period to attract investors will continue until the end of the year, assures Cristina Badenes, in charge of Corporate Development at the Spanish management company, in an interview to the same newspaper. Next, there will be the challenge of obtaining the «best in class returns for our investors through a niche and specialised approach», highlighted Meridia Capital’s President Javier Faus in the same release.
Javier Faus, Chairman at Meridia Capital, said in a press released by the company that «the launch of Meridia IV confirms our position as one of the leading alternative investment managers in Spain. Meridia IV is the 5th vehicle launched throughout the firm’s history. We are very proud of our highly consistent and solid track record. Meridia IV’s strategy will continue to focus on investments with a strong local proprietary angle. The vehicle represents a continuation from Meridia II (now divested and having achieved returns above underwriting) and Meridia III (fully invested and with first realisations expected soon)».
Cristina Badenes, Partner, IR & Corporate Development at Meridia, commented «Meridia IV has followed a healthy fundraising pace. The Fund has seen a strong re-up rate from existing and long lasting limited partners while welcoming new top tier investors who have closely followed Meridia’s differentiated proposition over the past years. Ahead of a final close, we keep an open dialogue with leading institutional firms from the Americas, Europe and Asia, leveraging on Meridia’s strong reputation as partner of choice for global investors looking to invest in the Spanish alternatives space».
Meridia Capital Partners is a alternatives fund manager investing in private markets in Spain with 1 billion euros of assets under management.
Press Released by Meridia Capital