Meridia RE IV SOCIMI U : Informe del primer trimestre del ejercicio 2024

Q1 2024

QUARTERLY REPORT

Meridia IV

Meridia Real Estate IV SCA SICAV-RAIF

March 2024

Q1 2024 QUARTERLY REPORT

Meridia IV Meridia Real Estate IV SCA SICAV-RAIF

March 2024

4 · Meridia IV · Q1 2024 Quarterly Report

Important Notice and Disclaimer

This report ("Report") was prepared by Meridia Capital Partners SGEIC, S.A. ("Meridia") for investor informational purposes only and may not be used for any other purpose.

This Report includes information about the past performance of the Meridia Real Estate IV SCA SICAV-RAIF (the "Vehicle) investments. Past performance is not necessarily indicative of future results and there can be no assurance that the Vehicle or any of its investments will achieve or continue to achieve results comparable to its past performance. Similarly, there can be no assurance that the Vehicle will be able to implement its investment strategy or achieve its investment objective.

Unless specifically otherwise indicated, all performance information presented herein is calculated on a "gross" basis without giving effect to management fees, carried interest fees, transaction costs and other expenses to be borne by investors, which will reduce returns and in the aggregate may be substantial.

Statements contained in the Report that are not historical facts (such as those relating to current and future market conditions and trends in respect thereof) are based on current expectations, estimates, projections, opinions and/or beliefs of Meridia. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained in this Report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "target" or "believe" or the negatives thereof or other comparable terminology. Due to various risks and uncertainties, actual events or results, including the actual performance of the Vehicle, may differ materially from those expressed or contemplated in such forward- looking statements.

Nothing contained in this Report may be relied upon as a guarantee, promise, forecast or representation as to future events or result and thus no representation is made or assurance given that the above-mentioned statements, views, projections or forecasts are correct or that the objectives of the Vehicle will be achieved. Investors must determine for themselves what reliance (if any) they should place on such statements, views, projections or forecasts and none of the Vehicle, Meridia or any of their respective directors, officers, employees, members, partners, shareholders or affiliates assumes any responsibility for the accuracy or completeness of such information.

This document does not constitute a recommendation, offer to sell or purchase the shares of the Company, nor can it in any way be considered an invitation to enter into any contract or commitment in relation to any share, investment, investment management service or advisory service. Potential investors should carefully consider whether an investment is suitable for them in light of their circumstances, knowledge and financial resources, so they should consult their own professional and independent advisers.

It is expressly pointed out that Meridia's valuations of unrealized investments are based on assumptions that Meridia believes are reasonable under the circumstances and, consequently, the actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein.

Certain information contained herein has been obtained from published sources and/or prepared by other parties, which in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purpose used herein, none of the Vehicle, Meridia or any of their respective directors, officers, employees, members, partners, shareholders or affiliates assumes any responsibility for the accuracy or completeness of such information.

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Table of contents

I.	Letter from the management	6
II.	Executive summary	10
III.	New Acquisitions	12
IV. Vehicle overview	16
V. Deal by deal overview	24
VI. Environmental, Social and	48
	Governance issues (ESG)
VII.Financial statements and capital account	50

I.

Letter from the management

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Dear Investors,

We hope this letter finds you well.

Please find enclosed Meridia IV ("the Vehicle")'s Q1 24 quarterly report.

As of March 31st, 2024, after having divested €17.1 million, total equity invested amounted to €186.3 million plus an additional €46.6 million committed to further investments (€232.9 million), with outstanding investments totaling €267.0 million.

Based on the latest financial statements included in this Quarterly Report, the Fund's total net NAV (including distributions) is €203.2 million and 1.13x net equity multiple (vs. €173.8 million and 1.07x in Q4 23). This represents an increase of €29.4 million vs. Q4 23, mainly due to the capital called in January, done to fund the maturity of the bridge financing; and the valuation increase of some assets (mainly Project Uptown, Xamenes and Marítim).

Acquisitions

On January 23rd, 2024, Meridia IV completed the acquisition of a logistics warehouse located in Granollers (Project Granollers) for a total price of approximately 14.5 million euros. The deal had been signed as of June 23rd,, 2023, and now has formally been completed after having met the conditions precedent stated in the sale and purchase public deed.

On February 26th, 2024, Meridia IV acquired the full ownership of a residential building located at Príncep de Viana, 14 (Project Anthony) of Barcelona for 3.5 million euros, this project is an add-on of Project Caterina.

The investment period finalised in Q2 2023. However, the Vehicle reserved equity to carry out add-on investments in two of the most recent platforms: B&B and Caterina. Further investments are expected in the coming months.

Portfolio Overview

As of March 31st, 2024, our portfolio comprised 8 office buildings (6 located in Barcelona and 2 in Madrid, including Julián Camarillo 22, a project where we are assessing alternative use business plans), 1 hotel, 4 logistics assets, 4 residential buildings for flexible living (Caterina platform), 4 land plots in Project Nest (to develop budget hotels to be leased to B&B) plus investments in Caterina Property Management and MGP (Meridia Glamping Program).

Project Management updates

The Project Management team is actively working on various refurbishment projects as part of portfolio transformation.

The main highlights of the quarter are:

Project Souto: The project for the extension of the warehouse (7,000sqm) was submitted in Q1 23 for the works licence and the selected main contractor is now finally starting in April 24.

Julian Camarillo 22: Pending decision to select an activity for this asset, meanwhile we have submitted a request to receive a potential increase in power supply of 16MW for a possible Data Center.

8 · Meridia IV · Q1 2024 Quarterly Report

Caterina: Aragón building has finished the furniture programme installation and all the apartments are available for letting. Prince building refurbishment was completed during Q1 24 and handed over for letting during Q2 24.

Project Xamenes: Project and construction license was received during Q1 24, we are now monitoring the urbanization and development project which has started but with a delay of 4 to 6 months.

Project Milanesat: Planning is in progress and the design project was handed over in Q1 24. The works are expected to be completed during Q1 25. The other building asset 21-23 will start the design process throughout Q3 24.

Project Nest (B&B): Four new hotel development projects are underway in Sevilla, Madrid, and Tarrag- ona. The basic project for the Madrid hotel, which was submitted to the city hall for license approval, has been received, and the construction project was completed in Q1 24. Construction works are expected to commence in Q2 24. The basic projects for the other three hotels have also been submitted for license approvals, and various meetings with the city license departments are underway. The allocated Capex for these projects may influence the final design, prompting us to undertake a constant value engineering process. This process could affect the timeline for commencing construction on these ho- tels, currently anticipated for Q3 24.

MGP: During the reporting period, out of the eight operating campsites, two were open for the entire quarter (Cabo de Gata and Pedraforca). Five campsites were open in Easter (Santa Cristina, Cala Montgó, San Sebastian, Cadaqués, and Pirineos), while one campsite (Cudillero) was closed due to the completion of a planned project with an estimated opening in May.

We remain at your disposal. Sincerely,

The Meridia Team

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II. Executive summary