Meridia Capital Partners, acting through its real estate investment vehicle Meridia III, has acquired a 7,500 m² office building in Madrid for €26.5m.
Built in 1967 and refurbished in 2005, the property is situated at Juan Hurtado de Mendoza Street, close to Paseo de la Castellana in the centre of the capital’s business area. The asset compromises 4,800 m² of 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.
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”.
