Meridian Capital continues to pursue investor appetite. The private real estate venture group, founded by Catalan businessman Javier Faus, completed the acquisition of an industrial building in Barcelona’s vibrant 22@ district. Through the Meridia RE IV fund, listed on Euronext Access Paris, the vehicle purchased 86, Calle Pere IV, marking the tenth acquisition for the fund.
Javier Faus and shareholders paid €9.2 million for the property, financed in part by a capital increase of €9.4 million. Prior to the restructuring going public, Meridia paid €2,752 per built square meter for the asset.
The current property comprises 3,343 square meters of industrial space across three floors, set on a 1,130-square-meter plot. The ground floor measures 1,115 square meters, while the first and second floors cover 950 and 940 square meters respectively, and the third floor is 338 square meters. The mutual fund aims to transform the site into a modern, up-to-date office building in an area with high demand for workspace.
Who is Meridia Capital?
Meridia Capital is an investment manager established by the President of the Círculo de Economía, currently managing about €1 billion in assets under management. The firm operates across several strands, including private equity, venture capital, and a dedicated real estate investment fund manager. A newly added division focuses on luxury camping experiences, often described as ‘glamping’ ventures.
The Meridia RE IV fund, the subject of this operation, is a vehicle with €250 million in capital and a leveraged investment capacity exceeding €500 million. Founded in 2019, its chairman and CEO, Javier Faus, joined the stock market in July 2021 as a Socimi, a Real Estate Investment Company regime. This corporate form allows certain tax advantages while requiring listing on the stock exchange and distributing 80% of profits as dividends. (Market brief: corporate structure notes.)
According to Meridia RE IV’s corporate materials, the portfolio includes nine assets: three office buildings in Madrid, three in Barcelona, a hotel in Barcelona, an industrial logistics presence in Barberà del Vallès, and three campsites on the Costa Brava, Cabo de Gata, and Cala Montgó. Since going public, the fund has completed two asset sales in Madrid and a 23,000-square-foot warehouse in Gelida (Barcelona). Through the third quarter of 2022, committed investments reached €196 million. In the January–September period, the fund posted revenues of €3.27 million and profits exceeding €20 million, driven by notable asset revaluations.
Barcelona’s 22@ fashion district
22@ represents an urban renewal initiative backed by the Barcelona City Council beginning in 2000, repurposing large swaths of industrial land in Poblenou, totaling over 200 hectares. In recent years, it has emerged as a premier submarket for office space in Barcelona. The city’s administration under Ada Colau notes that more than 1,500 companies—spanning media, information technology, energy, design, and scientific research—now operate within 22@. (Municipal and market summaries.)
Recent Savills reports indicate an office-space vacancy rate around 18% in the area, highlighting 22@ as a focal point for new and rehabilitated office stock in Barcelona. The district witnessed high-profile transactions in 2022, including GMP’s acquisition by a family group and the Singapore GIC fund, with Freo paying €220 million for a new building intended as Glovo’s headquarters. (Market intelligence notes; Savills insights.)