Meridia III sold 3 assets within Cityparc Cornellà

Meridia III sold 3 assets within Cityparc Cornellà

The news was advanced by the REIT itself in a release sent to BME Growth, which further informed that the operation’s total net price was set at 10.7 million euro. The name of the new owner was not disclosed.

The buildings, which were traded together with the corresponding car parks, have a total combined area of 5.545 sqm and are currently 100% occupied, according to the REIT’s third quarter report.

Located at numbers 147-149 Carretera de l’Hospitalet in the Catalan capital, the business park where the assets are established is composed by a total of 9 office buildings with around 2.500 sqm each and an additional 8.200 sqm building for a total combined area of 30.700 sqm. The complex also has a 7.000 sqm garden area, described Cushman & Wakefield, in charge of marketing the assets located on the business park.

Up until now, these buildings were part of Project Insurance from Meridia III, which included a total of 8 office buildings (3 in Barcelona and 5 in Madrid) and 1 logistics warehouse. This portfolio was acquired in April 2016 and was estimated at 73.4 million euro.

In the same report, it can be read that «Meridia III is fully invested and we do not expect to complete any new acquisitions». As of September 30th, 2020, the Vehicle had total outstanding investments of 340.1 million euro. Total equity invested amounted to 169.4 million euro, plus an additional 5.3 million euro of committed equity for future CapEx.

Portfolio exposure is evenly balanced between Madrid (42% of equity) and Barcelona (57%). Other locations stand at only 1%. By segment, office is the predominant segment, accounting for 64%, followed by logistics (14%), retail (9%), hotel (8%) and residential (5%). As of September 30th, 2020, the portfolio is composed of 26 properties: 18 office buildings, 4 logistic warehouses, 1 shopping centre, 1 hotel and 2 residential assets.

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