MERLIN Properties sells a portfolio of 26 office buildings for €225 million
MERLIN Properties has formalized an agreement with Cain International and Freo Group to sell an office portfolio for an amount of €225 million, which represents a 5.2% yield and a slight premium over latest appraisal.
The portfolio comprises 26 buildings located in Madrid and Barcelona, with a total GLA of 133,218 sqm and a GRI of € 11.8 million.
The assets located in Madrid include 21 office buildings distributed amongst 6 business parks: Avenida de Aragón 334, El Plantío, Copenhague 4-8, Euronova, Miniparc Alcobendas and Costa Brava. The assets located in Barcelona include 5 office buildings located in Citypark Cornellá and Mas Blau.
The disposal of these assets increases the relative weight of Prime CBD and NBA locations from 89.0% to 91.2%, reduces periphery exposure and improves occupancy from 90.7% as of September 30 to 91.6%.
With this transaction, MERLIN successfully exceeds its assets rotation target for the year, established in € 225 million. Throughout 2019, the Company has sold assets for a total amount of €281 million, including this office portfolio, 15 BBVA branches, 2 retail units in Bonaire (Valencia) and 2 non-core logistics units. The average premium of those sales achieved over latest appraisal is 4.3%.
About MERLIN Properties
MERLIN Properties SOCIMI, S.A. (MC:MR) is the largest real estate company trading on the Spanish Stock Exchange, with a market capitalization greater than 6 billion euros, specialized in the acquisition and management of commercial property in the Iberian region. MERLIN Properties invests mainly in offices, shopping centers and logistics facilities, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, and MSCI Small Caps indices.
Please visit www.merlinproperties.com to learn more about the company.
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