The shareholders of MERLIN Properties approve the integration of Metrovacesa
• The Company reinforces its leadership in Spain and becomes one of the largest European diversified players.
• The new MERLIN will reach a GAV of € 9,317 million and annual gross rents of € 450 million.
MERLIN Properties and Metrovacesa will merge creating the undisputed leading Spanish REIT and one of the largest European diversified players
• Resulting platform with a GAV of € 9.3 billion, NAV of € 4.9 billion and annual gross rental income of € 450 million.
• Deconsolidation of multifamily rented residential and creation of a specialized leader in the Spanish market, with over 4,700 units under management, GAV of € 1.0 billion and annual gross rents of € 35 million.
• A clear strategic fit: consolidation of leadership in offices, significant increase in scale in shopping centers and potential to capture growth through revenue optimization and operating efficiencies
MERLIN Properties reaches cruise speed in 1Q 2016: reports an EBITDA of € 67 million and starts asset rotations
– Gross rents: € 76.8 million (+139% vs 1Q 2015)
– Recurring EBITDA: € 67.4 million (+127% vs 1Q 2015)
– Recurring FFO: € 48.5 million (+118% vs 1Q 2015)
– Gross asset value: € 6,202.5 million (no appraisal done this quarter)
• Annualized gross rents amount to € 310.1 million (€ 325.5 million including the attributed rent from the stakes held at equity method), with an occupancy rate of 94.5% and an average unexpired lease term of 9.3 years.
• The Company has accepted miscellaneous offers over more than 30 assets for an aggregate consideration above € 50 million, with average prices above latest appraisal (December 2015).
• Acquires 2 office buildings in Lisbon and 3 logistics assets in Pinto, Meco and Cabanillas, that once operating will increase the Company GLA in logistics by ca. 180,000 sqm.
MERLIN Properties successfully issues € 850 million 7-year bonds
MERLIN Properties has today completed a 850 million euro unsecured bond issuance, with 7 year maturity period and an all-in cost of 2.225%
• The proceeds of the refinancing will be devoted to repay the € 850 milion bridge to bond bank facility signed last January.
• With this financing, MERLIN Properties further optimizes its capital structure while diversifying its sources of financing. The average maturity of the Company’s debt has been extended to 7 years, fixed rate has been increased to 87% and bank financing has been reduced to 65% of total debt.
MERLIN Properties’ Annual General Shareholders Meeting approves the issuance of bonds up to € 1,500 million
• The Company has today filled with the regulator the EMTN program prospectus and will initiate market prospection next week
• The Company goal is to early refinance the 2-year maturity bridge to bond loan signed with 10 financial entities associated with Testa.
• The AGM has approved the financial statements and business management for 2015, a transformational year for the Company after Testa acquisition, as Ismael Clemente highlighted.
• The AGM has also approved the distribution to shareholders of €60 million (18.58 cents per share) for 2015, and the management team has guided that the remuneration for 2016 is expected to raise to € 140 million (43 cents per share)
MERLIN Properties expands its presence in Portugal
• MERLIN Properties has completed the acquisition of two properties in Lisbon, for an aggregate amount of € 103 million.
• The Monumental building, an emblematic property of prime Lisbon, comprises 22,387 sqm of GLA (16,892 sqm of office area and 5,495 sqm of retail area). Tower A building, located within the business park Torres de Lisboa (2ª Circular) comprises 13,715 sqm of office area.
Results FY15 MERLIN Properties
MERLIN Properties reports excellent results across all divisions and increases the projected shareholder remuneration to € 140 million. Obtains S&P BBB credit rating, the highest rating achieved by a Spanish real estate Company