Transforming real estate

In November 2017, we acquired Barnasud Shopping Centre, a 30,500 sq. m mixed-use property located in Barcelona. Meridia’s asset and project management teams are working to reposition and reconvert the asset.

In December 2018, we acquired several plots of land with a total buildable area of 24,605 sq. m. The land is located in Barcelona’s 22@ district, one of the city’s areas with the highest potential.

Meridia carried out a transformation plan, developing a unique smart office complex that is fully integrated into the local community. The office complex was completed in 2022.

Milestones

- Signed a lease with a triple-A tenant.
- LEED Platinum and WELL Platinum certifications awarded for the project's sustainability and the high level of well-being it provides.

Situated in Barcelona’s innovation district, 22@, this project is designed to link the city’s industrial past with its future, centered around the tech sector.

Meridia first acquired this plot in 2017 from various private owners through an off-market transaction. From there, we undertook a comprehensive urban transformation project, developing a 29,000 sq. m office complex alongside a residential component.

In May 2022, we completed the sale of Sea Towers to an international institution in a landmark transaction under Meridia III.

Milestones

- 2017: Acquired 43,400 sq. m of land from multiple owners.
- 2018: Signed a ten-year lease contract with a multinational company.
- 2022: Sold Sea Towers.

Certifications

- LEED Platinum and WELL Platinum certifications awarded for the project’s sustainability and the high level of well-being it offers.

In September 2016, Meridia acquired an office portfolio located primarily in Barcelona. The portfolio was divested through various transactions between 2020 and 2022, mostly to institutional capital.

The assets had a total surface area of approximately 17,400 sq. m, along with 280 parking spaces.

The main building, Alta 1, is located in Esplugues (Barcelona), opposite Nestlé’s Spanish headquarters, which were part of the Meridia II portfolio. The portfolio also included a smaller office building in downtown Barcelona.

In January 2020, Meridia III completed its first exit with Project White. The office building, located in Madrid's central business district, was acquired in May 2018. The asset comprises approximately 7,500 sq. m, including 4,800 sq. m of office space, 2,500 sq. m of commercial property, and 54 parking spaces.

In July 2021, we completed the sale of a 27,500 sq. m warehouse in Alovera (Guadalajara), located 30 minutes from Madrid.

The asset was acquired in 2018 and sold as part of a larger portfolio. Meridia acquired logistics assets through individual granular transactions and implemented an aggregation strategy.

Logistics platform spanning 26,367 sq. m in Corredor de Henares, an area near Madrid considered to be the main logistics hub in the Spanish market.

The asset was acquired in 2018 and sold to an institutional investor in 2022 as part of an enlarged perimeter. Meridia acquired four logistics assets individually and aggregated them into a portfolio.

A nine-asset portfolio totaling approximately 42,000 sq. m, comprising eight office buildings, a logistics warehouse, and associated parking spaces. The assets are located in the metropolitan areas of Madrid and Barcelona.

The portfolio was acquired in April 2016 and was divested through a series of transactions between 2020 and 2022.

Two office buildings located within Viladecans Business Park (Barcelona), acquired in October 2016 and divested to an international institution in July 2022.

Together, the assets offer a total surface area of approximately 23,000 sq. m and include 280 parking spaces. These two Class A buildings benefit from a strategic location with easy access to both the city centre and the airport.

Logistics platform spanning 39,000 sq. m in Toledo, situated in the third ring of the well-known A-4 Highway (Andalucía Highway), approximately 40 km from Madrid.

The asset was acquired in 2017 and divested to an institutional investor in 2022 as part of a larger aggregated portfolio. Meridia had acquired four logistics assets individually and subsequently consolidated them into a single platform.

In 2022, we divested an 8,300 sq. m office building located in Madrid’s MADBIT district. The asset had been acquired in July 2017.

In March 2023, Meridia divested Hotel Mad, located in Madrid’s Chamartín district. The asset was originally acquired in January 2019 and comprised a total surface area of 12,580 sq. m, distributed across 199 rooms. The transaction also included two adjacent commercial spaces and 94 parking units.

In February 2024, we acquired a Class A warehouse located in Granollers, within Barcelona’s first ring, just 30 kilometers from the city center. Spanning over 11,350 sq. m, this state-of-the-art facility has been successfully leased to a single tenant. The asset meets the highest industry and ESG standards, featuring a BREEAM “Excellent” certification for sustainable development and an A-rated Energy Performance Certificate.

Meridia has partnered with the B&B HOTELS Group to develop a platform of budget hotels with high ESG standards across Spain. We have made the initial investments for this scalable program by acquiring five plots of land: one in Vallecas (Madrid), one in Sant Cugat (Barcelona), two in Seville, and one in Vila-seca (Tarragona). The four properties to be developed will offer a combined total of over 500 rooms.

We continue to evaluate similar opportunities in high-demand locations and and expect to materialise them in the coming months.

In May 2023, we acquired two office buildings located in Sarrià, an upscale residential neighborhood in Barcelona. While demand for office space in this area is strong, supply remains very limited—making this acquisition a valuable opportunity to further consolidate Meridia’s position in one of Barcelona’s top-performing office markets.

The assets have a total surface area of 5,490 sq. m and include 44 parking spaces. As both buildings are in good condition, CapEx requirements are limited. Meridia plans to carry out targeted refurbishment works to transition the asset from brown to green.

In March 2023, we acquired approximately 37,000 sq. m of industrial land located in Barcelona’s first logistics ring, within the Martorell Xàmenes Sector 3, from Incasòl and the City Councils of Martorell and Sant Esteve de Sesrovires.

Meridia intends to develop a state-of-the-art logistics warehouse on the site, designed for single-tenant occupancy. The area is a highly sought-after logistics hub, characterized by strong demand for modern, ESG-compliant assets.

In May 2023, we acquired a majority stake in Caterina, a residential operator specialized in corporate apartment rentals. As part of this scalable program, Meridia has also made the initial real estate investments, acquiring four properties in Barcelona and one in Madrid. The company additionally operates several buildings in key business districts across Madrid, Barcelona, and Málaga.

Acquired in January 2023 from a private investor, this office asset is located in Barcelona’s 22@ district. Formerly an industrial building, it has been fully refurbished through a brown-to-green transformation and now offers over 3,500 sq. m of space plus terraces. The result is a distinctive office complex situated in one of the city’s most sought-after areas.

Project Glam (buy and build camping platform) was initiated in Meridia IV but exited as a spin off to new vehicle, Meridia Glamping Program, where Meridia IV continues as investor.

In December 2021, we acquired two office buildings located in Sarrià, a high-end residential neighborhood in the western part of Barcelona’s urban center. While demand for office space in this area is very high, supply remains extremely limited—making this acquisition a strong opportunity to further consolidate Meridia’s position in one of Barcelona’s top-rated office markets.

The assets have a total surface area of 4,257 sq. m and include 9 parking spaces. Both buildings have since been refurbished and successfully leased, enhancing their positioning within a highly sought-after submarket.

In December 2021, we acquired an office building located in Madrid’s MADBIT district, the city’s leading innovation and technology hub. With this acquisition, Meridia continues to strengthen its position in one of the capital’s most in-demand areas, where it already maintains a strong presence.

The asset has a total surface area of 20,188 sq. m and includes 180 parking spaces. Meridia plans to carry out a series of refurbishment initiatives to enhance and reposition the property.

In March 2020, we acquired an industrial asset of approximately 20,000 sq. m located just outside Barcelona, in Barberà del Vallès—a prime industrial area within the first ring of Catalonia’s logistics market. This acquisition represented a strategic opportunity to strengthen our presence in Barcelona’s sought-after and top-rated logistics corridor.

The asset has since been fully repositioned through significant CapEx investment and successfully leased, reinforcing its value within a high-demand market segment.

In March 2021, we acquired an office building located in Barcelona’s 22@ district, further consolidating Meridia’s position in the city’s leading technology hub. The asset has a total surface area of 4,295 sq. m and includes 22 parking spaces. It has since been fully refurbished and successfully leased, enhancing its positioning within one of the most dynamic and competitive office markets in Barcelona.

In November 2019, we acquired a portfolio of four office buildings, two located in Barcelona and two in Madrid. Total surface area of the assets is 26,323 sqm. The main asset is a c.7,000 sqm building in Barcelona’s 22@ district. This is a diversified investment by geography and risk-profile with strong potential to improve the assets leveraging on Meridia’s asset management capabilities.

In October 2019, we completed the first investment of Meridia IV: the acquisition of an office building located in Madrid’s MADBIT district—one of the city’s most promising areas, where Meridia has a strong track record. The asset has a total surface area of 9,563 sq. m and includes 226 parking spaces.

In March 2021, we acquired a 23,000 sq. m logistics platform located in Gelida, near Barcelona. The asset is situated in a prime logistics area—Barcelona’s first ring—and offers excellent access to major road networks.

The asset was divested in December 2022 following the completion of refurbishment works aimed at repositioning the property.

In March 2020, Meridia acquired Hesperia Barcelona del Mar, a 4-star hotel located along Barcelona’s seafront, within the 22@ district. The asset comprises 84 rooms across approximately 5,800 sq. m. This acquisition strengthened Meridia’s presence in the 22@ district and represented a unique opportunity to acquire a hospitality asset in Barcelona—a market where Meridia has extensive experience through previous vehicles.

The asset was divested in January 2025.

In December 2024, we completed the acquisition of a prime residential plot in Palma de Mallorca. The plot spans over 10,000 sq. m with a buildable area of 48,200 sq. m, ideally located near Palma’s historic city centre. Palma’s residential sector presents a rare opportunity due to the scarcity of ready-to-develop land combined with robust demand.

This investment reflects our commitment to sustainable, high-quality development and marks Meridia V’s fourth transaction—and the first in the living sector—further solidifying the Fund as a diversified, value-add platform targeting key sectors.

In June 2024, we acquired a 207,000 sq. m logistics project in Aldaia, strategically located along Valencia’s prime logistics corridor. This acquisition includes the development of 140,000 sq. m of state-of-the-art logistics facilities across several warehouses, designed to meet the highest ESG standards.

Valencia, a major logistics hub with low vacancy rates and modern infrastructure, offers a robust market for this exceptional investment opportunity. This project marks Meridia V’s third investment, reinforcing our strategy to identify and capitalize on value-add opportunities in Spain’s logistics sector.

In May 2024, we acquired the former Hotel Presidente, strategically situated on the northern coast of Ibiza, in Cala Portinatx. Previously a 3-star property, the hotel is now set for a comprehensive transformation into a landmark 5-star lifestyle destination with approximately 225 keys—positioning it at the forefront of Ibiza’s upscale tourism market.

This initiative reflects our specialized approach, focused on unlocking long-term value through transformative asset management in the hospitality sector.

Acquired in October 2023, Project Gallery comprises a portfolio of two premier hotels in Barcelona and Málaga, offering a total of 213 rooms.

Situated in the heart of Málaga, Hotel Molina Lario occupies one of the city’s most prime locations, an area that has seen consistently high tourist occupancy rates in recent years. The hotel features 103 rooms and presents significant growth potential. Meridia plans to implement a targeted CapEx and asset management strategy to reposition the property within the upper 4-star segment, while maintaining high environmental, social, and governance (ESG) standards.

Acquired in October 2023, Project Gallery represents a portfolio of two premier hotels in Barcelona and Málaga, comprising a total of 213 rooms.

Gallery Hotel, nestled in the heart of Barcelona, occupies a unique location in a city where hotel supply is constrained. The hotel offers 110 rooms and presents significant growth potential. Meridia plans to implement a smart capex and asset management strategy to position the asset in the upper 4-star segment, while maintaining high environmental, social, and governance (ESG) standards.

This luxury 5-star hotel opened in 1994. Meridia I acquired it at the end of 2009 and sold it in May 2013. 

Operator: Four Seasons Hotels & Resorts.

Location: Paseo de la Reforma, in Mexico City’s financial district, just a few minutes from Chapultepec Park and the upscale Polanco district.

Number of rooms: 240

This 5-star hotel opened in 2003. Meridia I acquired this property in August 2007 and sold it in 2013, together with the Crowne Plaza Hotel also in Santiago.

Operator: The Ritz-Carlton Hotel Company (Marriott).

Location: Santiago de Chile, in “El Golf” district, the city's most upmarket residential area.

Number of rooms: 205

This hotel opened in 1981 and was acquired by Meridia I in June 2007. After a major refurbishment in 2008, the Fund sold the hotel in 2013, together with the Ritz-Carlton Hotel in Santiago.

Operator: InterContinental Hotels Group.

Location: Santiago de Chile, located in the city centre and close to the main tourist attractions and government bodies.

Number of rooms: 293

Acquired by Meridia I in 2009 and divested in 2014. The deal represented the group's entry into Brazil's hotel market. During Meridia I´s tenure, the asset was improved and repositioned. 

Operator: InterContinental Hotels Group.

Location: Sao Paulo, Brazil. Just a few minutes from Avenida Paulista, the business district and cultural centre of the city.

Number of rooms: 193

The W Paris Opera Hotel was acquired by Meridia I in February 2008, becoming our inaugural property in Europe. The Haussmann-style building was originally an office complex built in 1870 and boasted a total surface area of 8,500 sqm. Meridia led the reconversion of the property into a mixed-use project including hotel and retail space. 

Operator: Starwood Hotels & Resorts.

Location: Paris, in the 9th arrondissement, just next to the prestigious Opera Garnier and the famous Gallerie Lafayette.

Number of rooms: 91

This 1,400 sqm retail space was acquired in 2008 as part of the W Paris Opera Hotel transaction. The iconic Apple Store opened in June 2010 and was sold in 2012.

Operator: Apple.

Location: Paris, in the 9th arrondissement, just next to W Paris Opera, very close to the prestigious Opera Garnier and the famous Gallerie Lafayette.

The project undertaken in Thailand involved the acquisition in 2008 of a minority stake in a three hotel portfolio operated by Six Senses Hotels Resorts Spas. The Fund exited this deal at the end of 2010.

Operator: Six Senses Hotels Resorts Spas.

Brands: Evason and Six Senses Hideaway.

Location: Phuket and Hua Hin, Thailand.

Acquired in June 2014, the asset formerly served as the Spanish corporate headquarters of German multinational Henkel. Its prime location—near Barcelona’s Sagrada Família—offered significant upside potential through redevelopment as a mixed-use project comprising hotel and residential components. Meridia’s project management team successfully repositioned the property, transforming it into a 182-room, four-star hotel and 38 residential units.

The hotel was sold to an institutional investor in April 2019 as part of an enlarged portfolio.

The residential units were sold individually by 2020.

MILESTONES

- Certificates: LEED, Biosphere, Safe Tourism and Barcelona Sostenible

Shopping centre spanning 7,148 sq. m, located in Madrid.

Acquired in July 2015 and sold in April 2019 as part of a portfolio transaction, following active tenancy management and refurbishment.

Office building in Madrid totalling c. 4,000 sqm. The asset was bought in July 2017 from a global real estate investment manager and realised in April 2019 as part of an enlarged transaction with a global institutional investor.

Portfolio of 24,063 sq. m comprising four assets located primarily in Madrid. The portfolio included a logistics platform and three retail units. Acquired in December 2016 and sold to both individual and institutional investors throughout 2017-19.

Twelve retail units located primarily in Madrid. The premises—mostly food retail units—have a combined built area of approximately 29,000 sq. m. The main anchor tenant is Mercadona, the leading food retailer in Spain. Meridia acquired the portfolio in July 2015 and partially sold it in April 2019 as part of an enlarged perimeter.

Portfolio acquired in March 2015 and mostly realised to an institutional investor in April 2019 as part of an enlarged perimeter transaction.

Portfolio of 11 office buildings spanning 84,000 sq. m, located predominantly in new business areas in Spain’s two main cities (66% in Barcelona and 34% in Madrid).

One of the portfolio’s main assets is Meridian tower, a 24,000 sq. m office building in Barcelona. 

Portfolio of 11 food retail centres mostly located in Valencia’s metropolitan region, with a total constructed area of 24,130 sq. m, leased to the Valencia-based cooperative Consum, one of the main food retailers in Spain.

Portfolio acquired in January 2015. In April 2019 three assets were sold to an institutional investor as part of an enlarged transaction. The rest of the portfolio was sold individually.

Mixed-use property (office/retail) acquired in September 2014 and divested in January 2019 to an institutional investor.

The 16,795 sq. m asset, located in Madrid, was split into a shopping centre and an office building.

Under Meridia’s tenure, the asset underwent a major transformation and was completely repositioned.

Logistics platform acquired in May 2016 and sold in December 2018 to an institutional investor. The asset, with a total surface of c. 22,000 sq. m, was built with high quality standards. The property is located in Ribarroja de Turia, a prime location in one of Valencia´s best logistics areas. During its tenure, Meridia managed to substantially improve its tenant mix and increase occupancy.

In October 2018 Meridia Capital sold Nestle’s Spanish headquarters to an Asian investment manager. The property, acquired in February 2016, comprised five office buildings and had a combined built area of 27,607 sq. m as well as around 600 parking spaces.

During its holding period, Meridia carried out significant refurbishment and asset management actions for the corporate tenant, helping reposition the buildings and adapting them to the tenant’s needs.

MILESTONES

- Sold with a ten-year contract with a triple-A tenant
- Achieved two LEED certifications

- Achieved energy efficiency savings of over 50%

In May 2015 Meridia Capital acquired Project Avalon, a portfolio of 33 assets located mainly in Madrid (which accounted for more than 80% of total value). The portfolio included office, retail and residential assets as well as a land plot in Valencia. 

Most of the portfolio was exited in August 2018 through the disposal of Avalon business park (5 buildings comprising 24,495 sq. m located in the MADBIT district in Madrid). The remaining portfolio was realised in April 2019 as part of enlarged perimeter transaction.

Horizon II was acquired in March 2015 and divested in July 2015. The portfolio comprised 2 centrally located asssets in Barcelona. The properties, named 'Girona 2' and 'Via Laietana 4', were office buildings with residential use.