Alternative investment manager Meridia Capital is pleased to announce that it has completed the divestment of Sea Towers, a landmark transaction within its vehicle Meridia III. The 29,000 sqm office asset, fully developed by Meridia and composed of two buildings of thirteen and seven floors, is located in the sea front within the 22@ district, one of the most sought-after and most established business areas in Barcelona. The building’s main tenant is consultancy firm NTT Data (former Everis), a subsidiary of NTT.

This deal is a remarkable example of Meridia’s differentiated strategy: Meridia first acquired the plot in 2017 from different private owners in an off-market transaction; carrying out a comprehensive urban transformation project to turn it into a leading mixed used complex (office and residential). In 2018, Meridia secured a 10-year pre-let for the office building.

Designed by GCA architects, Sea Towers has not only been a pioneering building in terms of innovation and architecture but has also achieved several sustainability and wellbeing recognitions, such as LEED Platinum and WELL Gold certifications, acknowledging features like energy efficiency, waste optimisation and user wellbeing, among others. The project was also financed with Green Financing from the Green Loan Principles.

This transaction is another step forward in Meridia III’s realization program. This vehicle was launched in 2016.

Javier Faus, Chairman of Meridia Capital, commented: “This transaction represents an important milestone for Meridia. Through this project, we have generated shared value for the district. The deal is an example of collaboration with local authorities to promote urban transformation, creating a prime, sustainable complex perfectly integrated within the community and with the highest ESG standards. This transaction demonstrates continued demand for well-located, quality office assets in Barcelona”.

Victor Iborra, Real Estate Partner at Meridia Capital, added: “This deal represents one of our most ambitious projects to date: we have completed a full transformation project, delivering our business plan above expectations while also developing an innovative asset”.

About Meridia Capital:

• Meridia is a leading alternatives fund manager investing in private markets in Spain with over 850 million euros of equity raised since inception and an additional 250 million euros under advisory.
• Throughout the firm’s more than 15 years of experience and various vehicles, Meridia has been dedicated to creating value for its investors, which include some of the world’s largest and most noteworthy institutional groups.
• Through Meridia I, II, III and IV, Meridia boasts extensive experience in the real estate industry. In addition, Meridia Capital is also active in private equity and venture capital.

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