The mesoscopic-loss mechanism is believed to be the most important attenuation mechanism in porous media at seismic frequencies. It is caused by P-wave conversion to slow diffusion (Biot) modes at material inhomogeneity on length scales of the order of centimetres. It is very effective in partially saturated media, particularly in the presence of gas. We explicitly extend the theory of wave propagation at normal incidence to three periodic thin layers and using this result we obtain the five complex and frequency-dependent stiffness components of the corresponding periodic finely layered medium, where the equivalent medium is anisotropic, specifically transversely isotropic. The relaxation behaviour can be described by a single complex and frequency-dependent stiffness component, since the medium consists of plane homogeneous layers. The media can be dissimilar in any property, but a relevant example in hydrocarbon exploration is the case of partial saturation and the same frame skeleton, where the fluid can be brine, oil and gas. The numerical examples illustrate the implementation of the theory to compute the wave velocities (phase and energy) and quality factors. We consider two main cases, namely, the same frame (or skeleton) and different fluids, and the same fluid and different frame properties. Unlike the two-phase case (two fluids), the results show two relaxation peaks. This scenario is more realistic since usually reservoirs rocks contain oil, brine and gas. The theory is quite general since it is not only restricted to partial saturation, but also applies to important properties such as porosity and permeability heterogeneities. © 2017 Oxford University Press. All rights reserved.