Meridia Capital exits two 'signifficant' Office and Logistics Portfolios

Meridia Capital exits two 'signifficant' Office and Logistics Portfolios

This transaction closely follows another recently exited portfolio of two office assets in Barcelona, signed only two days ago, on July 19th. In both cases to international investors, being Starwood Capital Group one of them.

Overall, the two portfolios include: two office assets in Barcelona, one located in Esplugues and the other in Paseo San Juan. Both properties have a total leasable area of over 12,000 sqm; an office asset in Madrid’s Omega business park, totaling 9,000 sqm and 167 parking spaces; and a logistics portfolio of two assets in the Madrid area. Regarding this logistics portfolio it is know that one of the assets is located in Alovera with a total GLA of over 27,000 sqm and the other a c. 6,800 sqm property in Azuqueca.

Since acquiring the assets - in separate individual transactions between 2016 and 2018 - Meridia has added significant value through diverse refurbishment and asset management actions focused on repositioning and upgrading the assets. As a result, these have been granted with several certifications including BREEAM, which evaluates environmental, social and economic sustainability performance.

Juan Barba, Partner, Head of Real Estate at Meridia Capital, commented “We are very pleased with these divestments. After completing our asset-level value creation plans, we are divesting, delivering strong returns to our investors. These successful disposals are a clear example of the continued liquidity in Spain’s top two cities.” He also added: “Over the past months we have accelerated the divestment program in Meridia III, which conducted its first close in 2016. Although the onset of the Covid-19 pandemic in 2020 brought transactions close to a halt, investors are gradually regaining confidence. This is visibly translating into higher volumes and increased activity in the sector.”

Logistics portfolio and Omega's office sold for €44,3M

Omega’s business park asset and the logistics portfolio have both been acquired by Starwood Capital. Ignacio Sagüés, its Managing Director in Spain, explains: "These investments clearly reflect the potential of the Spanish market.
On the one hand, Starwood remains committed to the offices industry and business parks, a model that has proven to work well since the outbreak of the pandemic. On the other hand, the acquisition of the logistics portfolio allows the company to position itself within a market that is clearly growing and in which it did not yet have a presence. In addition, in the coming months we will be able to announce the acquisition of more assets of this type", Sagüés explained.

In both deals Meridia was advised by Savills Aguirre Newman.

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