MERIDIA CAPITAL PARTNERS Corporate Overview
May 2018 Table of contents
I. II. III.
FIRM OVERVIEW MERIDIA CAPITAL TODAY TRACK RECORD I. Firm overview A LEADING ALTERNATIVE INVESTMENT FUND MANAGER IN SPAIN
“At Meridia Capital Partners time has seen us evolve, opening up new boundaries for us. Throughout the last 11 years we have been successful at identifying good investment opportunities while building a reputable, trustworthy, agile and driven platform that has enabled us to deliver above-average returns for our investors.”
Firm of the Year: Southern Europe Javier Faus - Founding Partner & CEO Who we are
Regulated by ExperiencedInternational and / CNMV (Spanish Solid track-record Institutionalmultidisciplinary investor Securities Market teambase Commission)
Multi-sector and multi-fund Socially responsible investment firm
Over 10 consecutive years successfully Experienced and Above average GP investingGlobal and investment divesting multidisciplinary commitment in bull andexperience bear markets team globally Our history
2001 2007 2015 • Acquisition Hotel Arts • Launch Meridia I • CNMV Regulation
2014 2006 • Launch Meridia II 2016 • Exit Hotel Arts • Launch Meridia Pr. Eq I • Exit Meridia I - Top 10% • Meridia Capital founded performer globally (Preqin) • Launch Meridia III Our team / talent
Plus:
. 2 Financial Accounting (Fund Admin.) Meridia Capital Partners . 2 Assistants (Fund Admin.)
Javier Faus Cristina Badenes Beto Cordoncillo Elisabet Gómez Rosa Casas Carlos Giménez Laura Salazar Founding Partner Partner Partner - CFO Head Legal Counsel Senior Fin. Acc. Fin. Acc. Mktg Manager & CEO IR & Corp. Dev. & Fund Admin. Chief Compliance Fund Admin. Fund Admin. & RE Officer
Real Estate
Real Estate
Juan Barba Víctor Iborra Marta de Azlor Borja Daudí Adrian Clarke Alberto González Luis Jaime de Antonio Rita Torres Sandra López Marina Breda Partner Inv. Director Senior Associate Associate Director, Pr Mgmt Director, Asset Mgmt Associate Associate Manager Manager
ACQUISITIONS PROJECT MGMT ASSET MANAGEMENT
Private Equity
David Torralba Guillermo Galmés Rodrigo Hervás Jose María Mateu Partner Director Associate Associate Our team: extensive experience
Years Name Position Location Year joined Previous employers experience Founding Partner Javier Faus Barcelona 2006 30 Patron Capital Partners, HOVISA, J&A Garrigues, Cuatrecasas & CEO Partner - UBS Investment Bank, Dresdner Kleinwort, Salomon Brothers, JP Cristina Badenes Barcelona 2006 22 Inv. Rel & Corp. Dvlpt Morgan Beto Cordoncillo Partner – CFO, Fund Admin. Barcelona 2006 37 HOVISA, Data-Comp Head Legal Counsel – Chief Elisabet Gómez Barcelona 2017 19 Mixta Africa, BBVA, Uría Menéndez Compliance Officer Rosa Casas Senior Financial Accounting Barcelona 2006 22 HOVISA, Hotusa, Hotel Connect, Data-Comp Carlos Giménez Financial Accounting Barcelona 2016 6 Alter Domus Alternative Asset, PwC
MERIDIA CAPITAL PARTNERS CAPITAL MERIDIA Laura Salazar Marketing Manager Barcelona 2015 7 Dow Jones, Metropolis
SAREB, Doughty Hanson, Aareal Bank, Principal Financial Group, Juan Barba Partner Madrid 2014 22 Arthur Andersen Adrian Clarke Director, Project Management Barcelona 2006 28 HOVISA, Shimizu Construction, Bovis Intl
- Víctor Iborra Director, Investment Barcelona 2007 12 Zurich Insurance, Amazon, JP Morgan, Grupo Abrisa, Unilever
Marta de Azlor Senior Associate Barcelona 2014 8 Bank of America Merrill Lynch TIONS
ACQUISI Borja Daudí Associate Barcelona 2017 4 Crédit Suisse, Banco Sabadell Private Equity, Deloitte
Alberto González Director, Asset Management Madrid 2015 16 Falcon II, British Land, Unibail Rodamco REAL ESTATE REAL Luis Jaime de Antonio Associate Barcelona 2015 11 Drago Capital, CBRE
Rita Torres Associate Madrid 2016 13 CBRE, Blanco, Tous, Jesús del Pozo, Roberto Verino ASSET ASSET
Sandra López Manager Barcelona 2016 5 CBRE, Peñaroja-Palés’s office, Commercial Registry of Barcelona MANAGEMENT Marina Breda Manager Barcelona 2017 4 Jones Lang LaSalle
David Torralba Partner Barcelona 2015 15 Doughty Hanson, JP Morgan
Guillermo Galmés Director Madrid / Barcelona 2016 12 Magnum Capital, ENA Capital, Mercapital, Morgan Stanley
Rodrigo Hervás Associate Barcelona 2016 6 PwC, Europraxis
Jose María Mateu Associate Barcelona 2017 3 Bank of America Merrill Lynch PRIVATE EQUITY PRIVATE II. Meridia Capital today Our businesses
An Barcelona independent based firm investment established company in 2006
REAL ESTATE PRIVATE EQUITY
over €350M(1) €110M
Meridia II MeridiaMeridia IIIIII Meridia Private Equity I €250 M
(1) Including co-investment Meridia II (Value Add, Real Estate, Spain, €150M, 2014 vintage)
Strategy
• A fund focused on the Spanish real estate sector • Acquisition, refurbishment and/or reconversion
• Primary focus on Madrid / Barcelona • All segments: Office, Retail, Hotel, Logistics, Residential, etc.
• Investor base 70% institutional / 30% private Investments Investments
BARCELONA MADRID VALENCIA BARCELONA & MADRID MADRID MADRID
Henkel’s former Albufera Plaza Consum Horizon I & II Avalon Miramadrid HQ
MADRID BARCELONA VALENCIA MADRID MADRID EXIT: HORIZON II
Nestlé’s Spanish Aecus Ribarroja Tandem Acqua HQ Meridia III (Value Add, Real Estate, Spain, €215M(1), 2016 vintage)
Strategy
• A fund focused on the Spanish real estate sector • Acquisition, refurbishment and/or reconversion
• Primary focus on Madrid / Barcelona • All segments: Office, Retail, Hotel, Logistics, Residential, etc.
• SOCIMI structure • Investor base mostly institutional InvestmentsInvestments
Madrid / Bcn: Bcn / Pamplona: PROJECT INSURANCE PROJECT ALTA
April 2016 September 2016
Barcelona: Madrid: PROJECT VILA PROJECT SESEÑA
October 2016 June 2017
Madrid: Barcelona: PROJECT LIGHT PROJECT SEA
July 2017 July 2017
Barcelona: Madrid region: PROJECT BEATLE PROJECT GEL
November 2017 March 2018
(1) Incl. co-investment. Our private equity division
Meridia Private Equity I TARGET INVESTMENTS
• Proven business models with significant growth potential • Majorities/Minorities • Multi-sector linked to lifestyle • €110M • Proprietary deals • Limited leverage • 2016 vintage • 3 deals closed • International expansion • Spain • Strong pipeline • 7-8 companies • Partnering with mgmt shareholders focused on value creation Investments INVESTMENTS
SOSA INGREDIENTS City: Moià (Barcelona) Entry: September 2016 • Leading producer and distributor of technical food Sector: Gastronomy ingredients for the gastronomy segment. Employees: 180
www.sosa.cat • Nov 2016: Savencia Gourmet enters the shareholding of Sosa Ingredients. Savencia Groumet provides French meat specialties, seafood products and premium chocolate.
GRUPO ANDILANA City: Barcelona Entry: January 2017 • Restaurant and hotel operator with 25 restaurants and 5 Sector: Hospitality hotels under management. It also has 7 restaurant Employees: 645 franchises under “La Mary” brand. www.grupandilana.com
FUTBOL EMOTION City: Zaragoza Entry: May 2018 • Spanish multi-channel supplier of football equipment. Sector: Sports retail www.futbolemotion.com Employees: 95 Socially responsible
Committed to responsible investment
Currently affiliated to III. Track record Meridia I (Hospitality, Global, €150M, 2007 vintage)
2007 2008 2009 2010 2011 2012 2013 2014
. 06/07: . 02/08: . 12/10: . 09/09: . 06/12: . 05/13: Acquisition Acquisition Sale Six Acquisition Sale Apple Sale Four Crowne Plaza, W + Apple, Senses, InterContinental, Store, Paris Seasons, Santiago Paris Sao Paulo Thailand . 12/14 Mexico Sale W, . 08/07: . 02/12: . 11/09: Paris Acquisition Opening W, . Q3/13: Sale RC Acquisition Ritz-Carlton, Paris and CP Chile . 06/08: Four Seasons, Santiago . 06/10: . Q1/14: Sale Acquisition Six Mexico Senses, Opening InterContinen Thailand Apple Store, tal, Sao Paulo Source: Meridia Capital Paris
According to Preqin, a top 10% performer amongst global real estate funds with 2007 vintage; fourth best performer in Europe Hotel Arts, a success story
2001 2002 … 2004 … 2006
• Javier Faus, Deutsche Bank • Blue Building sold to • Patron Capital and • HOVISA sells Hotel Arts and Patron Capital acquired Meag Munich Ergo Deutsche Bank sold their and retail area to a JV HOVISA, a Barcelona-based stakes to Spanish HNWIs formed by Host Hotels & 110,000 sqm real estate • Faus keeps his 5% stake Resorts (NYSE: HST, a portfolio by the seaside: as equity partner and company that belongs • Portfolio breakdown: becomes the only to S&P 500 and Fortune o Hotel Arts (a Ritz- general partner 500), GIC Real Estate Carlton hotel with 485 (Government of keys and apartments) Singapore) and o Blue Building (12,374 Stichting Pensioenfonds sqm of office space) ABP o Retail area (13,084 • Selling price €417M – at sqm) the time, the highest o Plot of land (3,611 price ever paid for a sqm) single real estate asset o Parking (600 slots) in Spain • Acquisition price €235M
Hotel Arts and Javier Faus, a Harvard Business School case study MCP