Press Release
- 2022
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Nov/11MERLIN Properties continues delivering solid results
Gross rents: €335.0 million (+7.7% vs. 9M21) EBITDA: € 249.4 million (+17.0% vs. 9M21) Operating profit (FFO): € 224.1 million (+11.0% vs. 9M21) Net asset value (NTA) per share: € 16.52 (+5.3% vs. 9M21)
Jul/29Excellent first half of the year for MERLIN Properties, with rental and occupancy growthGross rents: € 222.6 million (+8.3% YoY) EBITDA: € 165.8 million (+21.7% YoY) Net asset value per share: € 17.10 (+10.0% YoY) Operating profit (FFO): € 157.5 million (+19.5% YoY) Net earnings: €491.6 million (+158.3% YoY)
Jun/01MERLIN Properties completes the conversion of all of its outstanding bonds into “green bonds”MERLIN Properties Socimi, S.A. (“MERLIN”) announced today that it has completed the conversion all of its outstanding senior bonds, representing an aggregate principal amount of more than €4.0bn, into “green bonds”. To that end, MERLIN has allocated the outstanding principal amount of each series to eligible green assets in accordance with its Green Financing Framework.
May/12Good start of the year for MERLIN Properties- Gross rents: €111.5 million (+8.2% vs. 3M21) - EBITDA: € 83.9 million (+26.8% vs. 3M21) - Operating profit (FFO): € 79.7 million (+26.0% vs. 3M21) - Net asset value (NTA) per share: € 16.32 (+4.9% vs. 3M21)
Feb/24MERLIN Properties consolidates its recovery with strong resultsGross revenues: € 53 million (+0.4%) EBITDA: € 377.2 million (+3.2%) Gross asset value: € 13.041 million (+2.0%) Net asset value per share: € 16.11 (+4.2%) Operating profit (“FFO”): € 273.0 million (+4.1%)
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Jul/29MERLIN Properties progressively recovers from Covid-19
- Gross rents: € 248.5 million (-3.2% YoY) - EBITDA: € 179.2 million (-2.7% YoY) - Gross asset value: € 12,893 million (+0.5% FY20) - Net asset value per share: € 15.55 (+0.6% FY20) - Operating profit (“FFO”): € 129.2 million (-3.8% YoY) - Net earnings: €190.3 million (+168.3% YoY)
May/25MERLIN Properties successfully issues € 500 million 9-year unsecured bondsThe Notes have been issued with a maturity of 9 years, at an issue price of 99.196% of nominal value, and an annual coupon of 1.375%, being the MERLIN’s issuance with lowest cost to date
May/13MERLIN Properties begins the year in line with its forecast- Gross rents: € 124.6 million (-4.5% vs 3M 2020) - EBITDA: € 87.9 million (-15.5% vs 3M 2020) - Operating profit (“FFO”): € 63.3 million (-15.3% vs 3M 2020) - Net tangible asset value per share: € 15.56 (+0.3% vs 3M 2020)
Apr/08MERLIN Properties and Edged Energy partner to Build Four Ultra-Efficient Data Centers across the Iberian PeninsulaEach data center will consume zero water and have an annualized PUE of 1.15
Feb/25MERLIN Properties weathers Covid-19 thanks to the diversification of the portfolio- Gross rents: € 503.4 million (-4.3%) - EBITDA: € 365,4 million (-14.1%) - Gross asset value: € 12,811 million (+0.5%) - Net asset value per share: € 15.46 (+0.5%) - Operating profit (“FFO”): € 262.4 million (-16.2%)
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Nov/12MERLIN reports solid operational numbers despite the pandemic
- Gross rents: €380.9 million (-3.5% YoY and +1.4% LfL) - EBITDA: €275.7 million (-13.0% YoY) - Operating profit ("FFO"): € 197.3 million (-16.8% YoY) - NAV per share: €15.77 (+3.3% YoY)
Jul/31MERLIN weathers the Covid-19 impact with resilience- Total revenues: € 259.4 million (-2.2% YoY) - EBITDA: € 184.1 million (-12.5% YoY) - Operating profit (“FFO”): € 134.3 million (-14.6% YoY) - NAV per share: €15.68 (+3.8% YoY)
Apr/09MERLIN Properties: AGM on June 17th, dividend of 15 cents per share and additional 17 cents delegated to the Board of Directors• MERLIN Properties will hold its AGM on June 17th, where a complimentary dividend of 14.6 cents per share, payable in cash, will be proposed for approval. It will also be proposed a further remuneration to shareholders of 17.4 cents per share, payable in cash and to be distributed by way of share premium refund. This last distribution will be delegated to the Board of Directors, who will decide on its effective implementation in view of the evolution of the coronavirus pandemia. • The Board of Directors have decided to reduce their compensation by 25% and has agreed with the CEO, General Corporate Manager and all members of the senior management team the initiative to waive all the variable compensation and stock plan corresponding to 2020. • Following the positive reinforcement of MERLIN’s rating by S&P (BBB) and Moody’s (Baa2), the company has disclosed and limited its future Capex commitments to those projects currently under execution and with pre-lets in place, capable of generating additional rents in the short to medium term. • MERLIN Properties reiterates its commitmment with tenants whose stores have been forced to close and continues working towards helping, to the extent possible, in fighting the pandemia. The company and its staff have fully funded the purchase of 4 robots for PCR massive testing of coronavirus, which are now operating in the Carlos III Health Institute, and the medical centres of La Paz, in Madrid, and Vall d'Hebron and Clinic in Barcelona.
Feb/28MERLIN Properties increases its operating profit by a strong 9.2%, to 313 million euros- Gross rents: € 525.9 million (+5.2%) - EBITDA: € 425.5 million (+5.4%) - Gross asset value: € 12,751 million (+5.9%) - Net asset value per share: € 15.60 (+5.4%) - Operating profit (“FFO”): €313.3 million (+9.2%) - Guidance to dividend in 2020: € 52 cents per share
Feb/03MERLIN Properties’ shares to start trading in PortugalThe company will be listed on the regulated market of Euronext Lisbon It is the first dual listing of a Spanish company in this sector
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Nov/29MERLIN Properties sells a portfolio of 26 office buildings for €225 million
Disposals in 2019 amount to €281 million, exceeding the divestment plan for the year
Nov/27MERLIN Properties successfully issues € 500 million – 15 years unsecured bonds· MERLIN Properties has completed today a 500 million euros unsecured bond issuance, with 15 years maturity period and a coupon of 1.875%. · This 15 year bond is the longest issuance executed by an Spanish real estate company as of today.
Nov/13MERLIN reports excellent business performance in all divisions driving operating profit to double-digit growth- Gross rents: € 394.9 million (+6.4% YoY) - EBITDA: € 317.0 million (+6.3% YoY) - Operating profit (“FFO“) : €237.0 million (+11.5% YoY) - Gross asset value: € 12.4 billion (without quarterly revaluations) - Net asset value per share: € 15.27 (+6.5% vs YoY)
Sep/09MERLIN Properties further expands its Lisbon office portfolio with the acquisition of Nestlé headquarters• MERLIN Properties has completed the acquisition of Nestlé’s HQ in Lisbon for a total amount of €12.5 million • The office building, located in a consolidated and dynamic office area within Lisbon’s “western corridor”, adds 12,260 sqm GLA to the Lisbon portfolio of MERLIN Properties and enjoys full occupancy
Jul/30Strong growth in the operating profit during the first half• Operating profit exceeds € 157 million (equivalent to € 33 cents per share), a strong 11.6% increase year on year. • Excellent business performance, with increases in the occupancy rate, LfL rents and positive release spreads in all asset categories. • MERLIN announces the acquisition of a land plot to develop a 93,000 sqm extension of the successful Cabanillas Park I which will become the largest logistics park in Madrid with 320,000 sqm.
May/20MERLIN completes its refinancing with an ESG Indexed Loan• The Sustainability-Linked Facility is the largest in European Real Estate sector to date and the second largest ever in Spain across all industries • MERLIN’s continued management of its debt positions over the last six months report LfL savings of € 8.2 million per annum
May/13Excellent start of the year for MERLIN Properties- Gross rents: € 131.7 million (+8.7% vs 3M 2018) - EBITDA: € 105.0 million (+7.7% vs 3M 2018) - FFO: € 79.0 million (+12.5% vs 3M 2018) - Net asset value per share: € 14.94 (+10.8% vs 3M 2018)
Feb/28MERLIN Properties maintains operating cash flow and increases the dividendProvides guidance towards 52 cents of dividend per share in 2019 (+4%) - Gross rents: € 499.7 million (+7%) - Recurring EBITDA: € 403.7 million (+3%) - Gross asset value: € 12,041 million (+7%) - EPRA net asset value per share: € 14.81 (+12%) - Loan to Value: 40.7% (reduction of 287 bps in the period) - Guidance to dividend in 2019: € 52 cents per share (+4%)
Jan/17MERLIN Properties further expands its Lisbon prime office portfolio with two new buildings in Parque das Naçoes• MERLIN Properties has completed the acquisition of Art and Torre Fernando Magalhaes (“TFM”) in Lisbon for a total amount of €112.2 million • The office buildings, located in the Expo area, add 29,985 sqm GLA to the Lisbon portfolio of MERLIN Properties and enjoy virtually full occupancy
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Nov/15Excellent quarter for MERLIN Properties, with rental and occupancy growth accelerating in all asset categories
- Gross rents: € 371.0 million (+5.3% YoY) - Recurring EBITDA: € 296.4 million (-0.4% YoY) - Gross asset value: € 12.25 billion (without quarterly revaluations) - Net asset value per share: € 14.33 (+19.2% vs 9M 2017) - Release spread accelerating: +6.8% in office, +4.1% in shopping centers and +9.2% in logistics - Occupancy: 93.4% (+128 bps vs 30/06/2018) • During the first nine months of the year, MERLIN has contracted more than 650,000 sqm, with positive increases in rents in all asset classes. Significant hike in occupancy • The three plans of the Company, Landmark I, Flagship and Best II continue progressing, with relevant advances in Torre Glòries, Adequa, Arturo Soria and Larios • Investment activity in the period has taken place in Portugal, with the acquisitions of Almada shopping center and Zen Tower office building, both in Lisbon, and in logistics, with acquisitions in A-2 and A-4 hubs, as well as in Vitoria and Valencia
Sep/17MERLIN 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
Sep/11MERLIN 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.
Jul/31Good 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
Jul/20MERLIN 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
May/10Prominent 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.
Apr/17MERLIN 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
Feb/28MERLIN Properties delivers outstanding results and increases its dividend guidance for 2018Reports 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%)
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Nov/15MERLIN Properties continues with positive performance achieving a net income of €475 million (+87% vs 9M16)
- Gross rents: € 352.3 million (+54% vs 9M 2016) - Recurring EBITDA: € 297.7 million (+47% vs 9M 2016) - Recurring FFO: € 221.6 million (+51% vs 9M 2016) - Gross asset value: € 10.6 billion (without quarterly revaluations) - Net asset value per share: € 12.02 (+12.3% vs 9M 2016) - 9M17 Office Release spread: +3.3% • During the first nine months of the year, MERLIN has contracted more than 765,000 sqm, with positive increases in rents in all asset classes. • Most relevant acquisitions in the period is Marques de Pombal 3 in Portugal, landmark building located in the best spot within Lisbon Prime CBD. Additionally, the Company continues executing the 5 year capex program launched at the end of 2016.
Sep/28MERLIN Properties acquires from NOVO BANCO Marques de Pombal, 3, a landmark office building in Lisbon Prime CBD• MERLIN Properties has completed the acquisition of Marques Pombal, 3 in prime CBD Lisbon for a price of €60.3 million. • The building, with 12,460 sqm of GLA, is a landmark asset located in Praça Marquês de Pombal, in the prime CBD area of Lisbon
Sep/22Good first half for MERLIN Properties, which increases its dividend guidance for 2017 to € 0.46 per share- Gross rents: € 235.1 million (+53% vs 1H 2016) - Recurring EBITDA: € 198.6 million (+47% vs 1H 2016) - Recurring FFO: € 148.6 million (+54% vs 1H 2016) - Gross asset value: € 10.4 billion (+3,7% LfL vs Dec-2016) - NAV per share: € 11.89 (+5.9% vs Dec-2016) • During the first half, MERLIN has renewed or contracted ca. 500.000 sqm, with positive increases in rents in all asset classes, generating FFO per share of € 0.32, above its target for the period • The Company increases the dividend per share guidance for 2017 to € 0.46 (+5% versus previous guidance and +15% versus 2016 DPS)
Sep/13MERLIN Properties successfully issues € 300 million 12-year unsecured bonds• MERLIN Properties has completed today a 300 million euros unsecured bond issuance, with 12 year maturity period and a coupon of 2.375% • The proceeds will be devoted to repay mortgage loans as well as for general corporate purposes
May/17MERLIN Properties successfully issues € 600 million 8-year unsecured bondsMERLIN Properties Socimi, S.A., (MC:MRL), the largest real estate company listed on the Spanish Stock Exchange, specialising in the acquisition and management of commercial real estate assets in the Iberian region, has announced today the issuance of unsubordinated ordinary bonds in the Euromarket (the “Notes”) for an aggregate principal amount of 600 million Euros (the “Issue”).
May/11Prominent start of year for MERLIN Properties, with uplift in both rents and occupancy rates across all asset categories- Gross rents: € 115.3 million (+50% vs 1Q 2016) - Recurring EBITDA: € 99.4 million (+48% vs 1Q 2016) - Recurring FFO: € 74.2 million (+52% vs 1Q 2016) - Gross asset value: € 10.0 billion (without quarterly revaluations) - Net asset value per share: € 11.36 (+14.1% vs 1Q 2016) - 1Q17 Office Release spread: +3.6% • During the first quarter of the year, MERLIN has contracted more than 275,000 sqm, with positive increases in rents in all asset classes. • Annualized gross rents amount to € 463 million with an occupancy rate of 92.3% (+1% vs 31/12/16). • Most relevant acquisitions in the period are Torre Glòries in Barcelona and MERLIN-Cabanillas logistic park, 100% occupied at opening. Additionally, the Company continues executing the 5 year capex program launched at the end of 2016.
May/04MERLIN Properties inaugurates its logistics park “MERLIN Cabanillas”, with over 200,000 sqm of gross lettable area and full occupancyMERLIN Properties today inaugurates the logistics park MERLIN Cabanillas, with 202,600 sqm of gross lettable area. The park is the largest logistics development since 2007 and has successfully achieved 100% occupancy before opening. MERLIN Cabanillas is located in the main logistics hub in Spain, the Henares corridor, where most of the national and international major logistics names are present.
Apr/17MERLIN Properties reinforces its presence in Lisbon with the acquisition of Central Office Building• MERLIN Properties has completed the acquisition of Central Office Building in Lisbon for a price of €29.4 million. • The office building, located in the Expo area, has a 10,310 sqm lettable area
Feb/28MERLIN Properties delivers on its results and increases FY2016 dividendReports FY2016 net profit of € 583 million, increases complementary dividend to 20 cents in May (4 cents or 11% above previous estimates) and guides towards 44 cents total remuneration (+10%) in 2017 - Gross rents: € 351.0 million (+64%) - Recurring EBITDA: € 303.6 million (+63%) - Recurring FFO: € 232.7 million (+75%) - Gross asset value: € 9,824 million - EPRA net asset value: € 11.23 (+14%) - Guidance to shareholder distributions in 2017: € 44 cents per share (+10.0%) • MERLIN reports an IFRS net profit of € 582.6 million. The portfolio gross asset value (GAV) exceeds €9,800 million, representing a 6% increase on a like-for-like (LfL) basis versus 2015. • Net asset value in accordance with EPRA recommendations ("EPRA NAV") amounts to €11.23 per share, a 14% increase versus last year (€9.85). • Through a combination of dividends and EPRA NAV growth the Company has created significant value to shareholders for an aggregate total of € 520 million, delivering an implicit annual total shareholders return (TSR) of 17.2%. • MERLIN announces a complementary dividend in May of 20 cents per share, up to a total of 40 cents in FY2016, 11% above expectations. It also provides guidance for shareholders distributions of € 207 million or 44 cents per share in FY 2017 (+10% vs 2016).
Jan/12MERLIN 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@.
Jan/02MERLIN 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.
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Nov/29MERLIN 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.
Nov/15MERLIN 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.
Oct/25MERLIN 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.
Oct/18MERLIN Properties obtains a “investment grade” Baa2 rating from Moody’s, evidencing the quality of the capital structureMERLIN 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.
Sep/22MERLIN 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%.
Sep/15The 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.
Jun/21MERLIN 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
May/12MERLIN 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.
Apr/14MERLIN Properties successfully issues € 850 million 7-year bondsMERLIN 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.
Apr/06MERLIN 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)
Mar/14MERLIN 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.
Feb/29Results FY15 MERLIN PropertiesMERLIN 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
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Dec/22MERLIN Properties refinances Testa
• MERLIN Properties has closed a 1.7 billion euro unsecured financing with 10 financial entities • The proceeds of the refinancing will be devoted to repay the outstanding Testa mortgage debt (excluding the debt related to the residential portfolio) and the early repayment of the 350 million euros bridge loan obtained for the acquisition of Testa • With this financing, MERLIN Properties further optimizes its capital structure while diversifying its sources of financing. Currently, 57% of the debt is unsecured and 43% is mortgage backed. The loan-to-value ratio will remain at approximately 50%, with an average cost below 2.5%.
Nov/11MERLIN Properties reports 3Q 2015 results with a consolidated EBITDA of 120 million eurosAfter the shares acquired in July and August resulting in a 77% stake owned by MERLIN, these results include Testa’s third quarter.
Oct/14MERLIN Properties to distribute interim dividend in respect of FY 2015 for an amount of 25 million euros, equivalent to €0.0775 per shareThis payment meets the dividend guidance announced to the market on 23 February 2015 and will be paid in cash on 28 October.
Jul/15MERLIN Properties announces € 1,033.7 million capital increaseMERLIN Properties announces € 1,033.7 million capital increase
Jul/14The shareholders of MERLIN Properties approve the acquisition of TestaIsmael Clemente: “Testa represents a unique opportunity to capture future growth in the Spanish real estate market”.
Jun/09MERLIN Properties acquires TestaMERLIN Properties has entered into an investment agreement for the acquisition in several steps of the entire share capital of Testa owned by Sacyr. Testa owns a portfolio of assets of superior quality, with a gross value above 3,200 million euros, gross annual rental income of 159 million euros and a gross leasable area above 1 million square meters.
Jun/08MERLIN Properties makes its first acquisition in LisbonMERLIN Properties has formalized its first investment in Portugal through the acquisition of an office building in Lisbon for an amount of 18 million euros. The office building, located in the Expo area, has a gross leaseable area (GLA) of 6,740 sqm and is fully let to Novabase, a leading IT services provider.
May/13MERLIN Properties recorded consolidated IFRS net earnings of 19.6 million eurosMERLIN Properties has released its 1Q 2015 consolidated financial statements, with total revenues of €32.5 million, EBITDA of €29.7 million and net profit of €19.6 million, in accordance with IFRS. Taking into account EPRA standards, 1Q 2015 EPRA earnings were €22.2 million.
May/07MERLIN Properties successfully completes its capital increase• The capital increase has been executed through the issuance of 64,605,999 new shares, amounting to gross proceeds of approximately 613.7 million euros. The new shares will start trading on May 12th. • Investors have placed orders for shares for a total amount of 851,448,993 new shares (64,481,098 in the preemptive subscription period and 786,967,895 shares in the additional shares allocation period), resulting in an oversubscription of 13.2 times.
Apr/15MERLIN PROPERTIES ANNOUNCES €613.8 MILLION CAPITAL INCREASEMERLIN Properties SOCIMI, S.A. (the "Company" or "MERLIN") informs that its Board of Directors, at a meeting held on April 15, 2015, pursuant to the authorization granted by the Ordinary Shareholders’ Meeting of MERLIN of April 1, 2015, has adopted a resolution to increase the share capital of MERLIN by a total nominal amount of 64,605,999 euros by the issue and placing in circulation of 64,605,999 new ordinary shares, each with a par value of one euro (€1), of the same class and series as those currently in circulation and represented by book entries (the "New Shares" and the “Capital Increase”, respectively). The New Shares shall confer on the holders thereof the same rights as the shares currently in circulation since the entry thereof in the accounting records of Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.U. (“IBERCLEAR”).
Apr/01La Junta de Accionistas de MERLIN Properties aprueba la gestión y las cuentas del ejercicio 2014La Junta General de Accionistas de MERLIN Properties ha aprobado hoy la gestión y los resultados del ejercicio 2014. La compañía ha obtenido así el respaldo mayoritario de los accionistas, que aprobaron también las propuestas de autorización de ampliación de capital formuladas por el Consejo de Administración.
Mar/30MERLIN Properties makes two new acquisitions in MarchMERLIN Properties Socimi, S.A., (“MERLIN Properties”) (MC:MRL), one of the largest real estate companies listed on the Spanish Stock Exchange, specialized in the acquisition and management of commercial real estate in the Iberian region, has announced today the acquisition of two assets completed in March 2015. These acquisitions represent an investment of 57.9 million euros, an equity disbursement of 36.9 million euros, and add aggregate rental income of 3.4 million euros to MERLIN's portfolio of properties.
Mar/03MERLIN Properties estimates a distribution of at least 60 million euros in cash to its shareholders for FY2015MERLIN Properties estimates a cash distribution of over €60 million for 2015 financial year, as notified by the company to the CNMV (Spanish Stock Market Authority). This remuneration, which will be paid fully in cash, will amount to over €0.45 per share, distributed partly as a dividend and partly as a share premium refund.
Feb/18MERLIN Properties finances Marineda shopping centreMERLIN Properties Socimi, S.A., (MC:MRL), one of the largest real estate companies listed on the Spanish Stock Exchange, specialising in the acquisition and management of commercial real estate assets in the Iberian region, has announced today that its wholly owned subsidiary Merlin Retail Socimi, S.L., a company that owns the Marineda shopping centre, has signed a ten year loan with Allianz Real Estate of 133.6 million euros, with mortgage security on the asset. This loan has an interest rate of 2.66% and is fully amortizing at maturity.
Jan/15MERLIN Properties makes three new acquisitions in DecemberMERLIN Properties Socimi, S.A., (“MERLIN Properties”) (MC:MRL), one of the largest real estate companies listed on the Spanish Stock Exchange, specialized in the acquisition and management of commercial real estate in the Iberian region, has announced today the acquisition of new assets completed in December 2014. These three acquisitions represent an investment of 88.4 million euros and add aggregate rental income of 5.9 million euros to MERLIN's portfolio of properties, which now reaches a total gross rental income of 128.8 million euros per annum.
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Oct/06MERLIN Properties acquires five office buildings in Madrid for 130 million euros
MERLIN Properties Socimi, S.A., (“MERLIN”) (MC:MRL) one of the main real estate companies listed on the Spanish Stock Exchange, specialised in the acquisition and management of commercial real estate assets in the Iberian region, has announced today the acquisition of 5 office buildings located in the A1 office axis, North of Madrid's central business district, for 130 million euros. The purchase of this modern, efficient class-A portfolio perfectly fits with MERLIN's strategy of acquiring quality assets with long-term price increase potential.
Oct/01MERLIN Properties acquires a logistics warehouse in Valencia for 12.2 million eurosMERLIN Properties Socimi S.A., (“MERLIN”) (MC:MRL), one of the principle real estate companies listed on the Spanish Stock Exchange and specialised in the acquisition and management of commercial real estate in the Iberian region, has announced the acquisition from a fund managed by CBRE Global Investors, the asset management arm of the CBRE Group, of a warehouse property in the Sollana industrial area, close to Ford's main production facility in Valencia, Spain, for 12.2 million euros.
Aug/13MERLIN Properties acquires an office building at the World Trade Center Almeda Park (Barcelona) for 46.75 million eurosMERLIN Properties Socimi, S.A., (“MERLIN”) (MC:MRL) one of the principle real estate companies listed on the Spanish Stock Exchange and specialised in the acquisition and management of commercial real estate assets in the Iberian region, has announced today the acquisition of an office building located in the World Trade Center Almeda Park (WTCAP) business park for 46.75 million euros.
Jul/31MERLIN Properties acquires the Marineda City shopping centre in A Coruña for 260 million eurosMERLIN Properties Socimi S.A., (“MERLIN”) (MC:MRL), one of the largest real estate companies listed on the Spanish Stock Exchange and specialised in the acquisition and management of commercial real estate in the Iberian region, has announced today the acquisition of the Marineda City shopping centre from Invest Cos.
Jul/03MERLIN Properties acquires TREE Inversiones Inmobiliarias for 739.5 million eurosMERLIN Properties Socimi S.A., (“MERLIN”) (MC:MRL), one of the main real estate companies listed on the Spanish stock exchange and specialising in the acquisition and management of commercial real estate assets in the Iberian region, today announces the acquisition of Tree Inversiones Inmobiliarias for 739.5 million euros, after adjustments, reflecting 2014 sales.
Jun/30MERLIN Properties commences trading on the Spanish Stock ExchangesThe largest IPO in Spain in the last three years and the largest listing ever of a SOCIMI (REIT) in Europe
Jun/08The CNMV approves and registers the prospectus relating to the IPO and admission to trading of the shares of MERLIN PROPERTIES SOCIMI, S.A.The initial public offering of shares (the “Offering") of MERLIN Properties SOCIMI, S.A. ("MERLIN Properties") on the Spanish Stock Exchanges shall begin now after the approval by and filing with the CNMV (Comisión Nacional del Mercado de Valores, the Spanish Financial Securities Markets Regulator) of the IPO Prospectus.
