Meridia, the Spanish-based alternative investment manager, has announced the launch of its newest vehicle, Meridia V, after completing a 'healthy' first close, the company said in a statement.
Fund V is set to become Meridia's largest fund to date, with a target equity size said to be around €400 mln, compared to just above €250 mln raised by Fund IV.
Fund V is believed to be targeting a second close by year-end and a final one next year.
The Fund has already made its initial investment: a portfolio of two premier hotels in Barcelona and Málaga, comprising a total of 213 rooms. The hotels are namely Hotel Gallery in Barcelona's city center and Hotel Molina Lario in the heart of Málaga.
Meridia V plans to implement a smart capex and asset management strategy to position both assets in the upper 4-star segment, while maintaining high environmental, social, and governance (ESG) standards.
Héctor Serrat, Real Estate partner at Meridia, said: 'Meridia V enters the market in a unique moment. We will continue to execute our thematic, growth-focused investment strategy, while prioritizing investments with strong local proprietary angles. Meridia V aims to capitalize on the current window of opportunity in the Spanish real estate market and deliver superior value for our investors.'
Meridia V focuses on diversified value-add real estate opportunities in Spain, established to target areas of unsatisfied demand at the end-product level and, more generally, to exploit the long-term secular trends in the Spanish real estate market such as brown to green transformation, new demographics re-shaping real estate needs or scarcity of land.
The Fund aims to transform real estate assets while adhering to the highest ESG standards and will be classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (SFDR).
Meridia is a leading alternative investment manager in Spain with over €1 bn of assets under management.