Partners Group has acquired most of the remaining assets in Meridia II on behalf of its clients for a total acquisition value of around 215 million euro. Meridia will continue to manage the portfolio going forward.
The portfolio is comprised of 18 buildings located mainly in Barcelona and Madrid. The assets have a total gross leasable area of 91,000 square meters largely concentrated in the office sector.
Javier Faus, Chairman at Meridia Capital, stated: «This is a very important milestone for Meridia Capital. We are delighted to have completed this transaction, expanding our existing relationship with such a prominent global private markets investor as Partners Group. We are also equally proud to have provided liquidity to our existing investors and look forward to creating additional value in the assets together with Partners Group».
Stefan Lempen, Managing Director, Co-Head Private Real Estate Europe at Partners Group, commented: «One of our key strategies in Spain, as well as globally, is to provide liquidity solutions to general partners and real estate operators that need a new partner for the next phase of their asset-level value creation plans. We see great value creation potential in this portfolio».
Marco Denari, Private Real Estate Europe at Partners Group, adds: «This portfolio fits our relative value focus of acquiring value-add office and mixed-use properties in tier 1 cities, in areas with attractive business fundamentals and growing tenant demand. We have a long-standing relationship with Meridia Capital and are pleased to partner with them on this transaction».
After this deal Meridia II, launched in 2014, is closer to full realization with returns surpassing the Fund´s initial target. The transaction with Partners Group excludes some assets that Meridia Capital plans to sell within the next few months.
Meridia Capital Partners is an independent investment group with over 1 billion euro of assets under management. Headquartered in Barcelona, over the past years Meridia Capital has become one of the main regulated alternative investment firms in Spain.
Throughout its history, Meridia Capital has achieved above average returns and has grown to become a successful multi-sector and multi-vehicle platform, with investment products in real estate, private equity, venture capital and impact investing. The firm´s investor base includes highly renowned global insurance companies, pension funds, fund of funds, asset managers and investment firms, as well as private investors and family offices.
Source: Press Released by Meridia Capital