Meridia Capital Buys 4 RE Assets For €20M

12 January 2017 – Inmodiario

Yesterday, Meridia Capital Partners announced the purchase of a portfolio of four assets with a combined surface area of 24,063 m2 – comprising one logistics platform and three retail units – located primarily in Madrid. All of the properties have been acquired by the fund Meridia II for a price of approximately €20 million.

The logistics platform has a gross leasable area (GLA) of 16,385 m2 and is located in one of Madrid’s main logistics areas (CLA, Getafe), which is home to several high profile logistics centres and companies (for example DHL, Decathlon, Flex, Conforama).

The three retail units have a combined GLA of 7,678 m2 and are leased to well known food retailers such as Mercadona – the market leader in Spain – and Día – which is the third largest player in its sector.

Launched in 2014, Meridia II is a €150 million real estate fund specialising in the logistics, retail and office sectors in Spain. Following this latest deal, the fund has now invested almost all (94%) of its available capital.

Juan Barba, Partner and Managing Director of Real Estate at Meridia Capital, said “This transaction is another example of the good opportunities for adding value that are currently available in the Spanish market. The presence of high profile tenants in the area of the recently acquired platform is proof of its excellent location. This deal strengthens our exposure to the Spanish retail/logistics sectors and complements our previous acquisitions, including a warehouse in Valencia, as well as the Consum and Aecus portfolios. Through this transaction, we incorporate the seventh Mercadona unit into our portfolio, whereby consolidating our relationship with the leading food retailer in Spain”.

In this deal, Meridia Capital was advised by Aguirre Newman and Cuatrecasas, whilst the vendor was advised by CBRE:

Original story: Inmodiario

Translation: Carmel Drake

BBVA Sells Two Real Estate Portfolios Containing Hotels & Offices

29 May 2015 – Bloomberg

Banco Bilbao Vizcaya Argentaria SA is selling two real estate portfolios in Spain that include hotels and offices, according to documents seen by Bloomberg News.

The package of hotels, called Otelo, consists of 18 properties located throughout the country with a total of 2,050 rooms, according to the documents. The commercial portfolio, called Zafiro, comprises 15 offices, logistics and retail units.

No value was included in the documents and a spokesman for BBVA in Madrid declined to comment on the sale.

Investors are targeting commercial real estate in Spain as the economy recovers and the euro’s slide against a basket of currencies encourages more visitors. A record 65 million tourists arrived last year, and in the first two months of this year, spending by vacationers increased by 8 percent, compared with 2014, to €6.6 billion ($7.2 billion).

The deadline for binding bids for the hotels, only six of which are open, was on April 27, according to one of the documents.

BBVA intends to conclude the sale of the Zafiro package by September, according to one of the documents. It consists of 139,000 square meters (1.5 million square feet) of real estate and 1,300 parking spaces.

Original story: Bloomberg (by Sharon Smyth)

Edited by: Carmel Drake