Meridia III Raises €44M to Grow its Property Portfolio

31 January 2019 – Idealista

The Catalan fund Meridia is giving a boost to one of its Socimis. Meridia Real Estate III, led by the businessman Javier Faus, has increased its capital by €44 million, according to an announcement made by the group in the Official Gazette of the Mercantile Registry (BORME). This increase will serve to allow the company to continue with its business plan and add new properties to its portfolio.

According to explanations provided by the company to Idealista News, this increase forms part of the normal operation of the investment vehicle during its investment phase. Meridia Real Estate III is a vehicle dedicated to investment in all segments of the real estate sector in Madrid and Barcelona. The company’s portfolio currently comprises nine assets, including office buildings, industrial platforms and a shopping centre.

One of the most recent operations to be closed by the investment vehicle was the acquisition from the US fund Värde of a plot with a buildable surface area of 24,600 m2 in the 22@ district of Barcelona for €25.8 million.

The company, which purchased that land through its Socimi Meridia III, has already paid half of the cost of the operation. Payment of the remaining €12.9 million has been postponed until 17 March 2020, and it has been guaranteed by a mortgage on the land acquired, according to reports by the company to the stock market regulator.

With this purchase, the company is seeking to undertake a transformation plan for tertiary purposes in the Barcelona district. Currently, Meridia III owns more than 60,000 m2 of buildable space in the 22@ district, making it one of the leading investors in that area of the Catalan capital.

Meridia’s Socimi has been listed on the MAB since the end of last year. The company has starred in some of the most important operations of the last two years, both in the office market, as well as in the retail segment (…).

The fund manager is preparing to launch its fourth fund onto the market before the end of this year. The company is currently in the pre-market phase in territories such as Benelux and Israel, amongst others. The group’s new investment vehicle will join Meridia II, currently in its divestment phase, and Meridia III.

Original story: Idealista (by Custodio Pareja)

Translation: Carmel Drake

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