presentación 14 07 2015 - Merlin Properties · 2 The material in this presentation (the...

1

Roadshow presentation

July 2015

2

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Disclaimer

3

Presenting team

ISMAEL CLEMENTE

Executive Chairman / CEO

DAVID BRUSH

CIO

MIGUEL OLLERO

CFO / COO

INDEX

1. Testa a unique real estate

platform

A. Overview of Testa

B. Acquisition rationale

C. Acquisition terms

2. Creating the largest

Spanish property company

4

MERLIN rights issue

Capital increase with preferential subscription rights for MERLIN’s existing shareholders

Public offering in Spain

Private placement to institutional investors including U.S. QIBS (144A) and outside the U.S. (RegS)Offer structure

€1,034m

Proposed placing of 129,212,000 New Ordinary Shares

Representing around 66.7% of the Company’s issued share capital prior to Rights Issue

Offer size

€8.00 per share (discount to TERP of 20.79% vs. closing price on 15 July 2015)Subscription price

Subscription ratio of 2 new shares per 3 existing shares

1 right per each existing shareSubscription ratio

New shares will rank pari passu with existing shares

i.e. new shares entitle their holders to any dividends paid after their date of issuance Terms

Fund the acquisition of Testa and general corporate purposesUse of proceeds

No further issue of ordinary shares within 180 calendar after 10 August 2015Lock-up

18 July – 1 August 2015Subscription period

44

Sole Global Coordinator:

Joint Bookrunners:

Co-Bookrunners:

Co-Leads:

Underwriters

Management team (MAGIC Kingdom) to exercise its rights (750k shares) reaching €17.1 million invested

in the CompanyManagement team subscription

ordinator:

ners:

ers:

5

July 17 July 18 to

August 1

August 6 August 10

July

16 to 30

July 20

to July 31

August

6 to 7 August 11

Key dates Timeline

to

t 1

A 6 Au

Preferential

subscription

period

Additional

subscription

period

Rights

trading

period

Discretionary

allocation

period

Capital

increase

record

date

A

6

6

Additional

subscription

period

l 8

Ju

to J

PPreferential

subscription

period

l

J

16 t

Capital

increase

record

date

0

A

Admission

to listing

17

Roadshow

00

New shares

start trading

6

A. Overview of Testa

Section 1. Testa: a unique real estate platform

7

Portfolio key highlights Key metrics by asset class

Testa at a glance

€3.2bn

GAV1

1,043,901sqm GLA

1 Based on CBRE and Instituto de Valoraciones appraisal report as of 31 March 2015 2 Annualised gross rental income calculated as the GRI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants

have left following 31 March 2015 (the GRI for which was included only for the period in which the tenant was present)3 Includes fi nancial assets (i.e. Hotel AC Forum and Costa Ballena). If excluded, the WAULT would be 4.6 years4 Weighted by GRI does not include AC Forum and Costa Ballena

€158m Gross rental income2

€1.7bn NAV (Post capital increase)

1,710 349 388 114 275

22 22 8 11

Offi ce Offi ceShopping

Centres

Shopping

Centres

Hotels HotelsLogistics LogisticsRented

Residential

Rented

Residential

93

3.47.4

17••

•• 24.5

16.2••

•• ••

Offi ce Shopping

Centres

Hotels Logistics Rented

Residential

92%

98% 100%

7.03••

•• •• ••

••

95%

Avg. physical

occupancy

4.5Average

WAULT4

1.6 2.52.25.2

GAV1 (€m) GRI2 (€m)/ • • Monthly GRI2 (€/sqm/m)

• • Occupancy rate (%) / WAULT (years)

97% 96%

8

1 Annualised gross rental income calculated as the GRI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants

have left following 31 March 2015 (the GRI for which was included only for the period in which the tenant was present)2 Source: CBRE as of Q1 20153 Pro-forma excluding Endesa HQ, PWC and L’Oreal

Offi ce portfolio key highlights Direct exposure to prime offi ce rents recovery

Geographical breakdown by GLA Change in prime offi ce rents2

Barcelona 20%

Madrid 75%

Other 5%

Madrid

Trough to Current

Barcelona

Peak to Trough

20%

(20)%

(40)%

0%

Key fi gures

36 assets €93.3m GRI1

475k sqm GLA 5.2 years WAULT(3.7 pro-forma3)

9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999

Top-tier, diversifi ed tenant base Offi ce portfolio key highlights

10

Portfolio performance affected by real estate crisis

1 Annualised gross rental income calculated as the GRI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants have left following 31 March 2015 (the GRI for which was

included only for the period in which the tenant was present)

Occupancy

historical

evolution

GRI1 historical

evolution

(€/sqm/month)18.0

20.4

22.023.1

22.621.5 21.2 21.5 21.2

17.0

36% upside potential trough to peak

17.0

25,0

22,5

20,0

17,5

17,5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 15

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 15

96.8%98.9% 99.0%

95.9%

93.9%

97.3%96.3% 95.8%

94.6%

91.6% 92.1%

100%

90%

80%


Offi ce portfolio key highlights

11

High quality tenants

4 assets 72k sqm GLA €21.7m GRI1 2.2 years WAULT

Key fi gures


have left following 31 March 2015 (the GRI for which was included only for the period in which the tenant was present)

Shopping centres portfolio key highlights

Urban, affl uent catchment areas

Consistent performance across cycle

Centre Location Opening yearAnnual footfall

(MM)

Plaza de los Cubos Madrid 1972 N/A

Porto Pi &

Terrazas Porto PiMallorca 1994 7.6

Centro Oeste Madrid 1996 6.7

Larios Malaga 1996 10.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 15

GRI1

(€/sqm/month)19.7 20.4 20.7 23.2 24.3 23.2 24.0 24.1 24.6 24.7 24.5

12

7 assets 209k sqm GLA €8.1m GRI1 1.6 years WAULT

Key fi gures



Logistics portfolio key highlights

Best-in-class locations

Premium location with easy access to major highways

with special focus in A2 corridor in Madrid

Signifi cant upside on rents

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 15

GRI1

(€/sqm/month)3.8 3.9 4.1 4.2 4.2 4.1 3.6 3.1 3.1 3.3 3.4

Top strategic tenants24% upside potential trough to peak

13

B. Acquisition rationale


14

Unique opportunity to capture growth in the Spanish real estate market

Fully in line with MERLIN’s strategic and fi nancial objectives

Transformational acquisition in terms of scale, footprint and portfolio diversifi cation

Transformational acquisition positioning MERLIN as the leading player to benefi t from the attractive Spanish real estate market

Creating a leader in offi ce and logistics and a reference player in retail

15

An ideal fi t with MERLIN’s investment mandate

The acquisition of Testa ticks all the boxes of MERLIN’s strategic

and fi nancial objectives

MERLIN’s strategic pillars Testa’s fi t with MERLIN

Commercial assets in the Core / Core+ segments

Prime offi ce properties located in Madrid and Barcelona

Dominant and urban shopping centres with good catchment area

Logistic properties located in close proximity to the key transport hubs

Urban hospitality assets located in prime areas in key Spanish cities

High quality assets in good secondary locations with strong leases

Robust cash fl ows and prudent fi nancial structure

16

C. Acquisition terms


17

Acquisition terms

25%

€431 million

Capital increase at

Testa fully subscribed

by Merlin

Completed

€861 million

Acquisition of

secondary shares

from Sacyr

Before 29 July 2015

€694 million

Acquisition of

secondary shares

from Sacyr

Not before

30 September 2015

and not later than

30 June 2016

Completion of

the acquisition of

100% stake of Sacyr

in Testa and merges

into MERLIN

Triggers launch of

mandatory tender

offer for 0.4%2

(post-money)

€186 million of

incremental cash

remains at Testa post

capital increase

25.1% 49.5%Stake acquired1

Consideration

Timing

Other

Phase 1 Phase 2 Phase 3

1 Post-money2 Mandatory takeover bid over approximately 0.4% of Testa’s issued share capital in accordance with applicable takeover regulations in Spain

at a price per share which is expected to be around €13.54, subject to approval by the CNMV

Done Inminent Near future

18

Note: all % stakes are post-money1 €186m of cash to remain at Testa, €239m dividend to Sacyr and €6m dividend to minorities2 Through two steps: direct acquisition of a 25.1% stake by July 2015 and acquisition of the remainder 49.5% of Sacyr’s stake in Testa by no later than June 2016 3 Incremental cash at Testa post capital increase relative to cash position pre-transaction4 Assuming March 2015 NAV of €1,721 (excluding EPRA adjustments), premium would be 15.7%5 Includes €1,668m of gross debt, -€210m of cash and €21m of working capital adjustment at Testa

Transaction price breakdown

Bridge to implied equity value and premium to NAV

Bridge to implied enterprise value and premium to GAV

Implied 100%

equity value

Testa

net debt

Implied

enterprise

value

Testa GAV

March 2015

€186m3

€1,994m

€1,479m €3,473m €3,202m

€1,808m

€1,479m

€431m1

€1,555m2€1,986m €1,994m

€1,721m€186m3 €186m3

€186m3

€1,800m4 €1,800m €1,535m

Capital

increase

at Testa for a

25.0% stake

Direct acquisition

of a 74.6% stake

from Sacyr

Total purchase

price paid by

MERLIN

for 99.6% stake

Implied 100%

equity value

Testa EPRA NAV

March 2015

Premium

to Mar-15 EPRA

NAV: 15.9%4

Premium

to Mar-15 GAV:

8.4%

19

Acquisition implied yields per asset class1 vs. Q1 2015 prime market yields3

4,000-7,350

4,088 225k 5,738 706 2,233

Offi ce Shopping

CentresHotels Logistics Rented

Residential

Selected

Market

Transactions

2014-15 YTD

€/sqm Range2

# of deals 17 7 2 8 6

5,000 - 5,357 641 - 1,000 2,178 – 3,560Market €/Room: €178 – 369k

Average implied yields4

Passing yield: 4.9%

Full ERV yield: 5.5%

Offi ce Shopping CentresHotels Logistics Rented Residential

Full ERV yieldPassing yield

5.0% 5.3%5.3% 5.9%

5.4%6.6%

3.9% 4.4%5.0% 5.4%

4.75%

••

5.90%

••

CBRE - Spain property investment yields (prime)••

5.00%

••

6.50%

••

### fofof dddeaeallsls 171717 777 22

Acquisition implied capital values by asset class1 vs. recent market transactions

1 Premium paid allocated by MERLIN 2 Source CBRE (selected market transactions comparable to Testa’s assets in each asset class, mostly

completed within the last twelve months) 3 Calculated on a gross basis

4 Calculated based on the valuation assigned by MERLIN to the commercial assets without considering

the rented residential portfolio. Taking into account rented residential, the passing yield would be

4.8% and the ERV yield 5.4% 5 Excluding Eurostars hotel 6 Logistics prime market yield as of Q2 2015

Price per asset category Acquisition done at attractive capital values

20

Transaction funding

1

2

3 431

861

694

150

644

350

1,000

8694

Uses1

644

Sources

Step 1

Testa acq.

Step 2

Testa acq.

Step 3

Testa acq.

Mandatory

tender

offer2

Cash available

at MERLIN

Bridge

loan

July

capital

increase3

Transaction fully-funded:

1 Cash of €871 million

available at MERLIN

following the May

Rights Issue

• €644 million used to

fund the transaction

• €227 million of

remaining cash at

MERLIN to fund

general operations

2 Syndicated bridge

loan of €500 million,

of which €150 million

will be repaid using

a portion of the cash

proceeds arising

from the execution of

the capital increase

currently in progress

3 Net proceeds from

July Rights Issue of c.

€1,000 million

Purchase price fully funded

1 Does not include transaction expenses relating to the acquisition of Testa 2 Mandatory takeover bid over approximately 0.4% of Testa’s issued share capital in accordance with applicable takeover regulations in Spain at a price per share which is expected to be around €13.54, subject

to approval by the CNMV 3 Based on €1,034 MM Rights Issue size net of transaction expenses (assumes 3.24%)

21

Section 2.

Creating the largest Spanish property company

22

Combined portfolio KPIs

1 Gross asset value based on market value as per Savills appraisal report as of 31 December 2014, and acquisition price for the 2015 acquisitions (Alcala, Coslada) for MERLIN and based on CBRE and Instituto de Valoraciones appraisal report as of 31 March 2015 for Testa

2 Above ground rental surface3 Annualised gross rental income calculated as the GRI for the month ended 31 March 2015 multiplied

by 12, except adjusted for assets which tenants have left following 31 March 2015 (the GRI for which was included only for the period in which the tenant was present)

4 Annualised net operating income calculated as the NOI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants have left following 31 March 2015 (the NOI for which was included only for the period in which the tenant was present). Net operating income deducts from net rents direct collection loss and rents discounts

5 EPRA Gross Yield is calculated dividing annualised gross rents by GAV

6 EPRA Net Yield is calculated dividing annualised net operating income by GAV7 FFO calculated as NOI less overheads less interest expense, assuming a 1.25% interest expense on the

€ 350million Bridge Loan after the Rights Issue for New Merlin. Overheads calculated as 6% of GRI (€7.9m for MERLIN and €9.5m for Testa) and interest expense calculated by multiplying gross debt times average cost of debt.

8 New MERLIN based on 323m shares post Rights Issue9 All MERLIN metrics include acquisitions since 31 March 2015 (Meco and Lisbon-Expo)10 Testa’s GAV includes fi nancial assets and land plots, rest of operating metrics exclude them. Resulting

GAV excluding fi nancial assets and land plots would have been of €2,878.2m11 Calculated as Premium to EPRA NAV paid for Testa (€273m) / Number of Merlin shares after rights

issue (323m shares)

MERLIN9 Testa10 New MERLIN

GAV1 (€m) 2,331.0 3,202.4 5,533.8Total GLA2 (sqm) 758,851 1,043,901 1,802,753

Total annualized gross rents3

(€m)135.4 157.9 293.4

Total annualized net

operating income4 (€m) 131.4 146.7 278.2

EPRA gross yield5 (%) 5.81% 5.49% 5.63%

EPRA net yield6 (%) 5.64% 5.10% 5.34%

FFO (€m)7 77.9 101.1 174.7FFO per share8 (€) 0.40 0.54

( )

Testa premium to NAV dilution per share (€0.85)11

232323232332332323

GRI1: Spanish players benchmarking GAV2: Spanish players benchmarking

Transaction creates the leading Spanish real estate player by far

New

Merlin

Comp

1

Comp

2

Comp

3

Comp

4

293

158

1353 160

220

30 26 23

(€m)

60

New

Merlin

Comp

1

Comp

2

Comp

3

Comp

4

5.5

3.2

2.334.5

5.8

0.5 0.5 0.5

(€bn)

1.3

Spain

France

1 Latest reported GRI (as of March 2015). Calculated as the GRI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants have left following 31 March 2015 (the GRI for which

was included only for the period in which the tenant was present) for MERLIN and Testa and gross Q1 rent multiplied by 4 for Comp 1, Comp 2, Comp 3 and Comp 42 Based on latest reported GAV (market value as per appraisal reports as of 31 December 2014 and acquisition price for the 2015 acquisitions)3 Includes acquisitions since 31 March 2015 (Meco and Lisbon-Expo)

Post transaction, MERLIN becomes the undisputed largest player in terms

of Spanish GRI and GAV

24

Creating a leading company in offi ces and logistics in Spain…

MERLIN Testa

Largest

prime offi ce

player in

Spain4

Stronger

presence in

those areas

that will

experience

fi rst the

rental

growth

recovery

GLA

(´000 sqm)

GRI3GAV2

(€m)

1,984

1,710

273

112

93

19

554

475

79

242424

GLA

(´000 sqm)

GRI3GAV2

222

114

108

17

8

9

410

20

200

MERLIN

becomes the

third largest

Spanish

platform by

GLA4

Largest player

in the A-2

corridor in

Madrid

Expanded

footprint over

main Madrid

corridors

1 Includes acquisitions since 31 March 2015 (Meco and Lisbon-Expo)2 GAV based on market value as per Savills appraisal report as of 31 December 2014, and acquisition price for the 2015 acquisitions (Alcala, Coslada, Meco, Lisbon-Expo) for MERLIN and based on CBRE and

Instituto de Valoraciones appraisal reports as of 31 March 2015 for Testa3 Annualised gross rental income calculated as the GRI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants have left following 31 March 2015 (the GRI for which was

included only for the period in which the tenant was present)4 Source: CBRE Spain

Offi ces1 Logistics1

(€m)

25

…with critical mass in shopping centres and high street retail

Becomes a

reference

for key

tenants

with fi ve

strategically

located,

dominant

and urban

retail

assets

recovery

252525

High street retail - Tree

1 GAV based on market value as per Savills appraisal report as of 31 December 2014, and acquisition price for the 2015 acquisitions (Alcala, Coslada, Meco, Lisbon-Expo) for MERLIN and based on CBRE and

Instituto de Valoraciones appraisal reports as of 31 March 2015 for Testa2 Annualised gross rental income calculated as the GRI for the month ended 31 March 2015 multiplied by 12, except adjusted for assets which tenants have left following 31 March 2015 (the GRI for which was

included only for the period in which the tenant was present)

(€m)

GLA

(´000 sqm)

GRI2GAV1

(€m)

630

40

178

349

281 19 106

22 72

1,67089

373(€m)

GLA

(´000 sqm)

GRI2GAV1

MERLIN Testa

Shopping centres

26

Total GAV1

€5,534m

Total GRI2

€293m

New MERLIN: Portfolio breakdown by asset class (I)

1 Includes acquisitions since 31 March 2015 (Meco and Lisbon-Expo)2 Other includes senior residences and parking facilities

Offi ce 36%

High street retail 30%

Shopping centres 11%

Logistics 4%

Hotels 7%

Rented residential 5%

Other2 7%

Offi

Hig

%

Offi ce 38%

High street retail 30%

Shopping centres 14%

Logistics 6%

Hotels 7%

Rented residential 4%Other2 1%

27

EPRA gross yields1 (based on appraisal, i.e. excluding premium paid for Testa)

Occupancy and WAULT1

1 Includes acquisitions since 31 March 2015 (Meco and Lisbon-Expo)2 Other includes senior residences and parking facilities3 Includes fi nancial assets (i.e. Hotel AC Forum and Costa Ballena). If excluded, the WAULT would be 4.6 years4 Weighted by GRI, excludes AC Forum and Costa Ballena

New MERLIN: Portfolio breakdown by asset class (II)

Offi ce High

street retail

Shopping

centres

Logistics Hotels Rented

residential

Other2

5.6% 5.3% 6.4%7.8%

5.6%

4.0% 4.6%5.6%Average

gross yield

5.7%Average gross

yield excl.non-core

Offi ce High

street retail

Shopping

centres

Logistics Hotels Rented

residential

Other2

96%Average

Occupancy

10.2Average

WAULT4

91%

100%

93%

98% 100% 100%96%

4.9

23.0

2.67.02

2.4

11.44.7

28

Pro-forma capital structure

1 Based on pro-forma accounts as of 31 March 2015 (and therefore excluding Meco and Lisbon-Expo acquisitions) including the following adjustments: Testa restructuring pre-acquisition (capital reduction and

extraordinary dividend, cancellation of intercompany loan and capital increase), acquisition of 100% of Testa by MERLIN, distribution of €23m dividend at TESTA, MERLIN’s May capital increase (net proceeds of

€596m), MERLIN’s current capital increase (net proceeds of €1,000m), bridge loan of €350m following capital increase and transaction expenses2 Includes € 2.2 m of interest accrued2 Calculated as the weighted average of MERLIN and Testa, weighted by gross debt, excluding bridge loan of € 350 million following capital increase 3 Excluding pipeline and non-core disposal

New MERLIN1

GAV (€m) 5,494

Gross debt (€m) 3,202

Cash (€m) (401)

Net debt (€m) 2,803

Average cost of debt (%) 2.9%2

LTV3 51.0%

2929

To be funded within 12 months:

€256million

€25million already disbursed

Source: Company

Investment pipeline under execution/exclusivity/due diligence

Retail 37%Logistics 54%

Offi ce 9%

Estimated size:

c.€370million

30

Appendix

31

Key fi gures

Testa non-core assets key highlights



Enhanced liquidity given exposure to prime markets and favourable market conditions

Increased investor interest in Spanish rented residential market

Favourable market conditions for residential based on strong macro fundamentals

Ideal conditions for rented residential given structural changes in labour fl exibility and end of ownership fi scal incentives

Resilient high quality portfolio

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 15

GRI1

(€/sqm/month)9.1 8.4 8.6 9.0 8.7 8.8 9.0 8.8 8.4 7.4 7.4

Geographical breakdown by GLA Attractiveness of portolio

Toledo 8%

Madrid 78%San Sebastian 14%

Rented residential


1,519 units 124k sqm GLA €11.1m GRI1 2.5 years WAULT

32

Testa non-core assets key highlights


have left following 31 March 2015 (the GRI for which was included only for the period in which the tenant was present)2 Includes AC Forum and Costa Ballena in which Testa owns 50% and 32.5% respectively. If excluded, the WAULT would be 4.6 years

Hotels

Key fi gures

Strategically located urban hotels

Barcelona as best-performing hotel market in Spain

Madrid urban hotel market expected to benefi t from strong recovery

Strong cash fl ow generation enhanced by variable rent component to capture market recovery

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 15

GRI1

(€/sqm/month)12.9 13.5 14.3 14.3 14.4 14.7 15.5 16.1 16.6 16.2 16.2

Geographical breakdown by GLA Attractiveness of portolio

11 assets 111k sqm GLA €21.9m GRI1 7.0 years WAULT2

Other Spain 19%

Barcelona 34%Madrid 47%

Continued rental growth despite downturn

33

Portfolio Offi ces Madrid

Costa Brava 2-4

Ática

Avda Partenón

Ribera del Loira 60

Castellana259

Eucalipto25-33

JosefaValcárcel 48

Príncipe de Vergara 187

Juan Espla- ndiú 11-13

Juan de Mariana 17

Alcalá 45

Ventura Rodriguez 7

Princesa 3-5

Pedro de Valdivia 10

Castellana83-85

Castellana193

8 26

216

5

7

7

28

9

1

11

18

21 10

14

22 Alcalá 38-40

24

Alcobendas – La Moraleja Avenida de Bruselas 33

4

Avenida de Bruselas 26

20

Bruselas 24

12

Madrid A1

3

Alcobendas / La Moraleja

Testa MerlinLocation

Princesa 3-5

7

Ventura Rodriguez 7

22

Castellana259

9

Juan de Mariana 17

28

34

Diagonal 514

Vilanova 12-14

Diagonal 605

MuntanadasII

Muntadas

Edificio Sant Cugat I and II

23

17

13

WTC Almeda 8

WTC Almeda 6

20

19

15

27

6

Sant Cugat

El Prat

Portfolio Offi ces Barcelona Location Testa Merlin

Vilanova 12-14

13

Diagonal 514

23

35

Offi ces (I)

City: Madrid

Location: Business District

GLA: 54,960

Parking Lots: 1,253

City: Madrid


GLA: 37,632

Parking Lots: 663

1. Endesa HQ – Ribera del Loira 60

Testa MERLIN

2. Avenida del Partenón 16-18

City: Madrid


GLA: 34,175

Parking Lots: 855

City: Madrid


GLA: 33,718

Parking Lots: 853

3. Madrid A-1 4. Indra HQ – Avenida de Bruselas 33

City: Madrid


GLA: 28,008

Parking Lots: 436

City: Barcelona


GLA: 24,380

Parking Lots: 640

5. Juan Esplandiú 11-13 6. Edifi cio Muntadas

36

Offi ces (II)

City: Madrid

Location: CBD

GLA: 23,598

Parking Lots: 15

City: Madrid


GLA: 23,406

Parking Lots: 502

7. Princesa 3, 5

Testa MERLIN

8. Atica

City: Madrid

Location: CBD

GLA: 21,390

Parking Lots: 631

City: Madrid


GLA: 19,893

Parking Lots: 357

9. PwC Tower – Paseo de la Castellana 259 10. Josefa Valcárcel 48

City: Madrid

Location: CBD

GLA: 18,655

Parking Lots: 40

City: Madrid


GLA: 18,058

Parking Lots: 457

11. Alcalá 45 12. Avenida de Bruselas

37

Offi ces (III)

City: Barcelona

Location: CBD

GLA: 16,494

Parking Lots: 94

City: Madrid


GLA: 16,000

Parking Lots: 335

13. Avenida Vilanova 12-14

Testa MERLIN

14. Costa Brava 2-4

City: Barcelona


GLA: 15,374 + 10,102

Parking Lots: 219 + 251

City: Madrid

Location: CBD

GLA: 15,254

Parking Lots: 271

15. Edifi cio San Cugat I and II 16. Paseo de la Castellana 83-85

City: Barcelona

Location: CBD

GLA: 14,795

Parking Lots: 217

City: Madrid


GLA: 14,553

Parking Lots: 256

17. Avenida Diagonal 605 18. Eucalipto

38

Offi ces (IV)

City: Barcelona


GLA: 14,543

Parking Lots: 247

City: Barcelona


GLA: 14,535

Parking Lots: 213

19. World Trade Center Almeda Park 8

Testa MERLIN

20. World Trade Center Almeda Park 6

City: Madrid


GLA: 10,732

Parking Lots: 165

21. Príncipe de Vergara 187

City: Madrid

Location: CBD

GLA: 9,315

24. Alcalá

City: Barcelona

Location: CBD

GLA: 9,664

Parking Lots: 76

23. Avenida Diagonal 514

City: Madrid

Location: Business Distric

GLA: 10,070

Parking Lots: 0

22. Ventura Rodríguez 7

39

Offi ces (V)

City: Lisbon

Location: CBD

GLA: 6,740

Parking Lots: 176

City: Madrid

Location: CBD

GLA: 6,721

Parking Lots: 89

25. Lisbon - Expo

Testa MERLIN

26. Pedro de Valdivia 10

City: Barcelona


GLA: 3,783

Parking Lots: 82

City: Madrid


GLA: 3,046

Parking Lots: 60

27. Edifi cio Muntadas II 28. Juan de Mariana 17

40

Portfolio Shopping Centres

Marineda

1

La Coruña

Málaga

Larios

3

Madrid

Centro Oeste

5

Plaza de los Cubos

4

Porto Pi

2

Mallorca

Testa MerlinLocation

41

Testa MERLINShopping Centres

City: A Coruña

Units: 150

GLA: 106,276

Annual Footfall: 15.1 m

Physical Occupancy: 89%

1. Marineda

City: Málaga

Units: 99

GLA: 21,504

Annual Footfall: 10.0m

Physical Occupancy: 99.2%

3. Larios

City: Mallorca

Units: 124

GLA: 26,559



2. Porto Pi

City: Madrid - Majadahonda

GLA: 10,893



5. Centro Oeste

City: Madrid

Units: 21

GLA: 13,202


4. Plaza de los Cubos

42

Portfolio Logistics

Madrid - Meco(Madrid, A2 Corridor)

Vitoria - Júndiz (Vitoria)

1

Valencia - Almussafes(Valencia)

8

Madrid - Getafe (Madrid, Access to A4, M50, R4 and A42)

11

5

Zaragoza - Plaza (Zaragoza)

10

Coslada I – III (Madrid, A2 Corridor)

4

Madrid - Coslada (Madrid, A2 Corridor)

6 Lliça del Vall (Barcelona)

12

Azuqueca(Guadalajara)

7

Cabanillas(Guadalajara, A2 Corridor)

2

Alovera(Guadalajara, A2 Corridor)

3

Pedrola(Zaragoza)

9

Location Testa Merlin

43

Logistics (I) Testa MERLIN

City: Vitoria

GLA: 72,717

Location: Crossroads of A68/

A1/N1 and N240

City: Guadalajara

GLA: 70,134

Location: A-2 Corridor

1. Vitoria - Júndiz 2. Cabanillas

City: Guadalajara

GLA: 38,763


City: Madrid

GLA: 36,234


3. Alovera 4. Coslada I-III

City: Madrid

GLA: 35,285

Location: A2 Corridor

City: Madrid

GLA: 28,490

Location: A2 Corridor

5. Madrid - Meco 6. Madrid - Coslada

44

Logistics (II) Testa MERLIN

City: Guadalajara

GLA: 27,995

Location: A2-Corridor

City: Valencia

GLA: 26,613

Location: Access to AP7, A7

and V31

7. Azuqueca 8. Valencia - Almussafes

City: Zaragoza

GLA: 21,579


City: Zaragoza

GLA: 20,764

Location: Access to AP7

9. Pedrola 10. Zaragoza - Plaza

City: Madrid

GLA: 16,242

Location: Access to A4, M50,

R4 and A42

City: Barcelona

GLA: 14,911

Location: Granollers

11. Madrid - Getafe 12. Lliça del Vall

45

Portfolio Hotels

© MERLIN Properties SOCIMI, S.A 5

Madrid

EurostarsAV Vega 4*

9

PuertaCastilla 4*

3

NH Sanvy 4*

7

EurostarsGL 5*

1

Barcelona

EurostarsGran

Marina 5*

2AC Forum

4*

6

Tryp aeropuerto 4*

4

Málaga

Tryp Alameda 4*

8

Valencia

Tryp Oceanic 4*

5Jerez

Tryp Jerez 4*

10

Testa Merlin

Location Testa Merlin

46

Hotels (I) Testa MERLIN

City: Madrid

Location: CBD / Urban

GLA: 31,800

# rooms: 474

City: Barcelona

Location: Urban

GLA: 20,030

# rooms: 274

1. Eurostars GL 5* 2. Eurostars Gran Marina 5*

City: Madrid


GLA: 13,180

# rooms: 262

City: Barcelona

Location: Airport

GLA: 10,125

# rooms: 205

3. Puerta Castilla 4* 4. Tryp Aeropuerto 4*

City: Valencia

Location: Coast

GLA: 9,308

# rooms: 197

City: Barcelona


GLA: 13,768

# rooms: 184

5. Tryp Oceanic 4* 6. AC Forum 4*

47

Hotels (II) Testa MERLIN

City: Madrid


GLA: 12,182

# rooms: 149

City: Malaga

Location: Coast

GLA: 6,000

# rooms: 136

7. NH Sanvy 4* 8. Tryp Alameda 4*

City: Madrid

Location: Urban

GLA: 3,581

# rooms: 100

City: Jerez

Location: Coast

GLA: 4,637

# rooms: 98

9. Eurostars Av Vega 4* 10. Tryp Jerez 4*

48

PASEO DE LA CASTELLANA, 42

28046 MADRID

+34 91 787 55 30

[email protected]

www.merlinproperties.com

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