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Meridia Buys A Logistics Centre In Ribarroja For €8.6M

23 February 2016 – Expansión

The fund has been given the green light by both the judge and Sareb after it submitted an offer for the 27,400 m2 logistics platform, which was constructed by Mafort and Bancaja, and which had an appraisal value of €15.7 million.

The large funds and Socimis are continuing their hunt for industrial assets to rent out…at bargain prices. The logistics centre that the property developer Mafort and Bancaja jointly developed in Ribarroja now has a new owner, in the form of the real estate fund manager Meridia Iberian Real Estate.

The fund has made an offer of €8.65 million for the property, which has been approved by the judge who is overseeing the bankruptcy proceedings of the (property development) company.

In addition, the fund has managed to obtain the approval of the owner of the mortgages, Sareb, which inherited the financing that Bancaja granted back in the day – which was then taken over by Bankia. Although formally, a ten-day window has been opened, during which time any interested party may submit a higher bid, all indications show that Meridia will become the new owner of this platform, given that it has already reached an agreement with Sareb.

Original story: Expansión (by A.C.A)

Translation: Carmel Drake