MERLIN Properties agrees to sell its stake in Testa Residencial for €321.2 million
● The price implies an equity valuation of €1,895 million
● It accomplishes the divestment target included in its business plan and maximizes the value for its shareholders
MERLIN Properties continúa incrementando su huella logística exponencialmente a nivel nacional
• MERLIN Properties ha adquirido dos complejos logísticos en rentabilidad situados en Cabanillas (Guadalajara) y Júndiz (Vitoria) y ha iniciado las obras de construcción de dos naves logísticas ubicadas en Cabanillas.
• Por otra parte, la compañía ha firmado un proyecto llave en mano en Ribarroja (Valencia) así como un proyecto built-to-suit y un proyecto especulativo en ZAL-Sevilla.
• El importe comprometido de inversión asciende a 78,6 millones de euros, añadiendo unas rentas anuales estimadas a la cartera de activos por importe agregado de 6,0 millones de euros con un yield sobre coste del 7,6%.
• Las nuevas adquisiciones, que representan una S.B.A. agregada de 138.103 m2, reafirman la apuesta de MERLIN Properties por los activos logístico e incrementan su huella de forma exponencial en puntos estratégicos de la Península Ibérica.
Good first half for MERLIN Properties, with significant rental growth in all asset categories
– Gross rents: € 243.2 million (+3.5% vs YoY)
– Net earnings: € 457.6 million (+8.6% YoY)
– Gross asset value: € 11.8 billion (+4.5% vs Dec-2017)
– NAV per share: € 14.06 (+6.1% vs Dec-2017)
– Pay-out guidance for 2018 reconfirmed: € 50 cents per share
• During the first half, MERLIN has renewed or contracted ca. 473,000 sqm, with positive increases in rents in all asset classes, generating FFO per share of € 0.30
• Net asset value in accordance with EPRA recommendations (“EPRA NAV”) amounts to € 14.06 per share, an 18% increase year on year (+6% since 31/12/2017)
• The Company has created value to shareholders for an amount of € 501 million, delivering an implicit total shareholders return of 8.1% year to date and 22.1% LTM
MERLIN Properties acquires the Almada shopping centre in Lisbon for €406.7 million
• With 82,000 sqm GLA and 14.4 million visitors, Almada is the third largest shopping centre in Portugal, and the dominant asset in the South bank of the Tagus river in Lisbon
• Through this transaction, MERLIN adds a very high quality asset to its shopping centre division and reinforces the weight of its core dominant and urban malls to 85% of the portfolio
Prominent start of the year for MERLIN Properties due to its Business performance and Testa Residencial
– Gross rents: € 121.2 million (+5.1% vs 3M 2017)
– Recurring EBITDA: € 97.5 million (-2.0% vs 3M 2017)
– Net Income: € 114.1 million (+71.5% vs 3M 2017)
– Gross Asset Value: € 11,384 million (without quarterly revaluations)
– Net asset value per share: € 13.49 (+18.8% vs 3M 2017)
– Office release spread: +4.0%
• During the first quarter of the year, MERLIN has contracted more than 350.000 sqm, with positive rental increases (release spreads) in all asset classes.
• Through the capitalization of the service contract with Testa Residencial, MERLIN has increased its stake to 17% and has achieved an extraordinary net gain of €53.6 million. Nevertheless, the Company reduces its EBITDA in the quarter by ca.
€ 2 million.
• MERLIN will distribute € 0.26 per share to its shareholders on May 25th
• Launch of the 2018-2021 capex plan: Landmark I in offices, Flagship in shopping centers and Best II in logistics.
MERLIN Properties further grows its footprint in Lisbon with the acquisition of ZEN Tower
• MERLIN Properties has completed the acquisition of ZEN Tower in Lisbon for a price of €33.3 million
• The office building, located in the Expo area, has a 10,190 sqm lettable area and enjoys full occupancy
MERLIN Properties delivers outstanding results and increases its dividend guidance for 2018
Reports FY2017 net profit of € 1,100 million, with recurring net earnings of €289 million euros and provides guidance towards 50 cents of dividend per share in 2018 (+9%).
– Gross rents: € 469.4 million (+34%)
– Recurring EBITDA: € 392.6 million (+29%)
– Recurring FFO: € 289.2 million (+15%)
– Gross asset value: € 11,254 million (+15%)
– EPRA net asset value: € 13.25 (+18%)
– Guidance to shareholder distributions in 2018: € 50 cents per share (+9.0%)