Meridia Capital Partners, SGEIC, S.A., (“Meridia Capital”) has announced the acquisition of almost a whole 43,400 sqm block in Barcelona’s [email protected] technological district. This prime asset at Barcelona’s sea front is placed in one of the most relevant office and residential development areas of the city.

Located at the northern limit of the Olympic Village, in the past few years it has attracted many renowned companies that have established their Spanish headquarters in this area of the Poblenou neighbourhood. The block is demarcated by four streets: Ávila, Doctor Trueta, Badajoz and Icaria Avenue.

Meridia Capital will carry out a comprehensive transformation project on this block in order to turn it into a leading mixed use complex with both office and residential buildings. Around 32,200 sqm of the block will be deployed to develop high quality offices while the remaining (11,200 sqm) are aimed for residential use. This is one of the major projects undertaken so far at the [email protected] district.

The acquired block currently comprises the old ice factory ‘La Siberia’ and the former plant of ‘Industrias Deslite’, which are both under Barcelona’s Special Plan for Architectural and Historical Heritage Protection. Therefore, Meridia Capital will preserve the façade and structure of both historical buildings.

This acquisition is the fourth deal carried out through Meridia III (c. €500 M investment capacity), the latest real estate vehicle of the alternative investment firm. Its predecessor Meridia II had an investment capacity of €400 M and is now fully deployed. Juan Barba, Partner, Managing Director of Real Estate at Meridia Capital, said “This new transaction represents a great opportunity for mixed-use development (residential / office) in a fast growing area with increasing demand.”

Javier Faus, Founding Partner and CEO of Meridia Capital, added “We are very excited about contributing to the development of ‘Front Marítim’  and the [email protected] district, which are Barcelona’s true innovation areas. This will be one of the most ambitious projects that will be executed in the coming years. We are very optimistic about the future of our city and hope that deals like the one we are announcing today will help attract more companies and talent to this district”.

Meridia Capital was advised on this deal by Garrigues and Deloitte.

Source : Meridia Capital