MERLIN Properties acquires Torre Glòries in Barcelona
• MERLIN Properties has completed the acquisition of the former Aguas de Barcelona headquarters for a price of € 142 million.
• Torre Glòries is one of the most iconic buildings in Barcelona, located in the prime area of Avenida Diagonal junction with Plaza de Les Glòries, in the heart of the Barcelona tech-oriented business district known as 22@.
MERLIN Properties sells to Foncière des Régions its hotel portfolio for €535 million
• Foncière des Régions, throught its hotels specialized subsidiary Foncière des Murs, is one of the most dynamic investors on the hotel real estate market in Europe and manages a portfolio of €3.9 billion and a NAV of €2 billion.
• MERLIN’s executive team had already classified this portfolio as non-core for the activity of the Company and had communicated its intention to sell it or contribute it to a separate company as a subsidiary.
MERLIN Properties sells Grande Armée in Paris
MERLIN Properties has completed the disposal of a high street retail asset located in Avenue de la Grande Armée. The asset has been sold to DEKA for a total price of € 58.5 million.
MERLIN Properties reports 9M 2016 results with a consolidated EBITDA of 203 million euros, not including Metrovacesa
– Gross rents: € 229.5 million (+65% vs 9M 2015)
– Recurring EBITDA: € 202.5 million (+69% vs 9M 2015)
– Recurring FFO: € 148.5 million (+59% vs 9M 2015)
– Gross asset value: € 6,568 million (no appraisal done this quarter)
– NAV per share: € 10.71
• Annualized gross rents (not including Metrovacesa) amount to € 310.4 million (€ 322.0 million including the attributed rent from the stakes held as equity method), with an occupancy rate of 95.7% and an average unexpired lease term of 9.0 years.
• MERLIN Properties acquired Adequa business park and the remaining 50% of Arturo Soria shopping center, reaching 100% ownership of the asset.
• Following the successful completion of the bond issuance in October, the Company fine tunes its capital structure reducing the exposure to floating interest rates, with 92% of its debt hedged, and increasing the debt maturity profile.
• Post 30 September, MERLIN has completed the merger by absorption of Testa Inmuebles en Renta, the spin-off of Metrovacesa, the integration of the commercial assets of Metrovacesa into MERLIN and the deconsolidation of the rented residential subsidiary, Testa Residencial.
MERLIN Properties successfully issues € 800 million 10-year unsecured bonds
• MERLIN Properties has completed today a 800 million euro unsecured bond issuance, with 10 year maturity period and a coupon of 1.875%
• The proceeds will be devoted to repay the € 500 milion bridge to bond bank facility signed by Metrovacesa last April as well as general corporate purposes
• With this financing, MERLIN Properties further optimizes its capital structure, extending its maturity profile and reducing its floating rate exposure.
MERLIN Properties obtains a “investment grade” Baa2 rating from Moody’s, evidencing the quality of the capital structure
MERLIN Properties obtains a “investment grade” Baa2 rating from Moody’s, with stable outlook, which, together with the BBB (stable) rating from Standard & Poor’s, places MERLIN as the highest rated real estate company in Spain.
MERLIN Properties reports solid first half results
– Gross rents: € 154.6 million (+136% vs 1H 2015)
– Recurring EBITDA: € 135.5 million (+130% vs 1H 2015)
– Recurring FFO: € 98.7 million (+121% vs 1H 2015)
– Gross asset value: € 6,527 million (+5.4% vs Dec-2015)
– NAV per share: € 10.6 (+7.6% versus Dec-2015)
• Financial results posted grew substantially, with a notable growth in FFO per share above 32%.
• Outstanding portfolio performance, with both occupancy and rents rising on a like for like basis.
• The portfolio revaluation leads to a compelling increase in the net asset value per share of 7.6%
• Following the successful completion of the bond issuance in April, MERLIN Properties exhibits a strong capital structure and achieves a total shareholders return (dividend plus NAV growth) in the period of 8.7%.