Meridia Capital Partners has announced the acquisition of an office building for €26.5 mln on behalf of its Meridia III real estate investment vehicle.
Built in 1967 and refurbished in 2005, the building is situated at Juan Hurtado de Mendoza Street, close to Paseo de la Castellana and at the centre of the capital’s business area. The asset of almost 7,500 m2 consists of a 4,800 m2 office area and 2,500 m2 of commercial property. In addition, the building has 54 parking spaces.
Meridia plans to roll out a significant capex programme in order to update and improve the asset, mainly its façade and facilities.
Juan Barba, partner real estate at Meridia Capital, said: 'We are very satisfied with this deal, as the asset has a great potential due to its excellent location and the value we can add by refurbishing it. This asset does not only reinforce our office portfolio in Madrid, but also positions us in the heart of Madrid’s financial district.'
Meridia Capital Partners is an independent investment group with assets under management of €1 bn.