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%.
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.