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TRANSCRIPT
2
The material in this presentation (the “Presentation”) has been prepared and is the sole responsibility of, Merlin Properties SOCIMI, S.A. (the “Company” and, together with its subsidiaries, the “Group”) solely for informational purposes. By attending the meeting where this Presentation is made, or by reading the Presentation slides, you will be deemed to have: (i) agreed to the following limitations and notifications and made the following undertakings; and (ii) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the Presentation.
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The information contained in this Presentation has not been independently verified. None of the Group, Morgan Stanley & Co. International plc (“Morgan Stanley”), Credit Suisse Securities (Europe) Limited (“Credit Suisse”), Goldman Sachs International (“Goldman Sachs”), J.P. Morgan Securities plc (“J.P. Morgan”) and UBS Limited (“UBS”) and, together with Morgan Stanley, Credit Suisse, Goldman Sachs and J.P. Morgan, the “Joint Bookrunners”), or any of their respective partners, shareholders, directors, officers, advisers, affiliates or representatives, shall be deemed to have made any representation, warranty or undertaking, express or implied, as to, and no reliance should be placed on, the truth, fullness, fairness, accuracy, completeness or correctness of the information and opinions contained in this Presentation. The information contained in the Presentation is not, does not constitute, and may not be relied on in any manner as legal, tax, investment, accounting, regulatory or other advice on, about or in relation to the Group, nor does it constitute a recommendation regarding the Securities. The information and opinions in this Presentation are not based upon a consideration of your particular investment objectives, financial situation or needs. Neither this Presentation, nor any part of it, nor the fact of its distribution shall form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. You may wish to seek independent and professional advice and
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Certain market and competitive position data contained in this Presentation has been obtained from published and non-published industry studies or surveys conducted by third parties. While such data is believed, in good faith, to be reliable for the purpose used in this Presentation, there are limitations with respect to the availability, accuracy, completeness and comparability of such data. The Group and the Joint Bookrunners have not independently verified such data and can provide no assurance as to its accuracy or completeness. Certain statements in this Presentation regarding the market and competitive position data are based on the internal analyses of the Group, which may involve certain assumptions and estimates based on the knowledge and experience of the management of the Group in the markets in which the Group operates. While the Group believes, acting in good faith, that such internal analyses and estimates are reasonable and reliable, they and their underlying methodology and assumptions have not been verified by any independent sources for accuracy or completeness and are subject to change. Additionally, the information on Testa Inmuebles en Renta, S.A. and on certain competitors contained herein is based on publicly available information which has not been verified by the Company. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation.
The information provided in this Presentation is in summary form and does not purport to be complete. Except where otherwise indicated herein, the information provided in
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The Group, the Joint Bookrunners and their respective directors, officers, employees, partners, shareholders, advisers and agents, expressly disclaim, to the maximum extent permitted by law, any and all liability, whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in connection with the accuracy or completeness of the information or for any of the opinions contained herein, or any other written or oral information made available in connection with this Presentation, or for any errors, omissions or misstatements contained in this Presentation or such other information. None of the Group, the Joint Bookrunners, or any of their respective directors, officers, employees, partners, shareholders, advisers and agents, shall have any liability whatsoever (in negligence or otherwise) for any direct, indirect or consequential loss, damages, costs or prejudices whatsoever arising from the use of this Presentation or its contents or otherwise arising in connection with this Presentation.
The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offering of Securities in the United States.
These materials are not, and under no circumstances are to be construed as, an advertisement or a public offering of the securities described herein in any jurisdiction of Canada nor as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the applicable Canadian securities regulators and only by a dealer properly registered under applicable Canadian provincial and territorial securities laws or, alternatively, pursuant to an exemption from the registration requirement in the applicable province or territory of Canada in which such offer or sale is made. These materials and the information contained herein are not, and under no circumstances are they to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials or on the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of these materials, each Canadian recipient will be deemed to have represented to
the Company and their authorized dealer agents, that the investor is an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus and Registration Exemptions and a “permitted client” as such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. In addition, upon receipt of these materials, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. En outré, par la réception de ces matériaux, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement.
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In any member state of the European Economic Area (“EEA”), this Presentation is directed only at, and any investment or investment activity to which this Presentation relates is available only to, and will be engaged in only with, “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and amendments thereto, including Directive 2010/73/EU to the extent implemented in a relevant EEA member state) (“Qualified Investors”). This Presentation is only for Qualified Investors and must not be acted on, reviewed or relied on by persons who are not Qualified Investors.
The Company believes that it was a passive foreign investment company (“PFIC”) for US federal income tax purposes for the previous taxable year and that it will be a PFIC for the current year and expects to be a PFIC in the future, which generally will result in adverse US federal income tax consequences for US investors. US taxpayers should consult their own tax advisers concerning the Company’s PFIC status and the consequences to them of treatment of the Company and entities in which the Company holds equity interests as PFICs.
The information contained in this Presentation, together with any oral information provided in connection with this Presentation, must be kept strictly confidential and may not be copied, communicated, reproduced, distributed, or otherwise made available (in whole or in part) by you to any other person.
Disclaimer
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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 share
Subscription 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 days after 10 August 2015Lock-up
18 July – 1 August 2015Subscription period
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 Company
Management team subscription
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
Preferential subscription
period
Additional subscription
period
Rights trading period
Discretionary allocation
period
Capital increase record date
Admission to listing
RoadshowNew shares start trading
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 financial 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
Office OfficeShopping Centres
Shopping Centres
Hotels HotelsLogistics LogisticsRented Residential
Rented Residential
93
3.47.4
17•
• 24.5
16.2•
• •
Office Shopping Centres
Hotels Logistics Rented Residential
92%
98% 100%
7.03•
• • • •
95%
Avg. physicaloccupancy
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 Pro-forma excluding Endesa HQ, PWC and L’Oreal3 Source: CBRE as of Q1 2015
Office portfolio key highlights Direct exposure to prime office rents recovery
Geographical breakdown by GLA Change in prime office rents3
Barcelona 20%
Madrid 75%
Other 5%
Madrid
Trough to Current
Barcelona
Peak to Trough
20%
(20)%
(40)%
0%
Key figures
36 assets €93.3m GRI1 475k sqm GLA 5.2 years WAULT
(3.7 pro-forma2)
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%
7% upside potential trough to peak
Office portfolio key highlights
11
High quality tenants
4 assets 72k sqm GLA €21.7m GRI1 2.2 years WAULT
Key figures
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)
Shopping centres portfolio key highlights
Urban, affluent catchment areas
Consistent performance across cycle
Centre Location Opening yearAnnual footfall
(MM)Occupancy
Plaza de los Cubos Madrid 1972 N/A 100.0%
Porto Pi Mallorca 1994 7.6 95.2%
Centro Oeste Madrid 1996 6.7 100.0%
Larios Malaga 1996 10.0 99.2%
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 210k sqm GLA €8.1m GRI1 1.6 years WAULT
Key figures
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)
Logistics portfolio key highlights
Best-in-class locations
Premium location with easy access to major highways with special focus in A2 corridor in Madrid
Significant upside on rents2005 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
14
Unique opportunity to capture growth in the Spanish real estate market
Fully in line with MERLIN’s strategic and financial objectives
Transformational acquisition in terms of scale, footprint and portfolio diversification
Transformational acquisition positioning MERLIN as the leading player to benefit from the attractive Spanish real estate market
Creating a leader in office and logistics and a reference player in retail
15
An ideal fit with MERLIN’s investment mandate
The acquisition of Testa ticks all the boxes of MERLIN’s strategic and financial objectives
MERLIN’s strategic pillars Testa’s fit with MERLIN
Commercial assets in the Core / Core+ segments
Prime office 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 flows and prudent financial structure
17
Acquisition terms
25%
€431 millionCapital increase at
Testa fully subscribed by Merlin
Completed
€861 millionAcquisition of
secondary shares from Sacyr
Before 29 July 2015
€694 millionAcquisition 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 Imminent 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 €1,721m (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
Premiumto 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
Office Shopping Centres
Hotels 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%
Office Shopping CentresHotels Logistics Rented Residential
Full ERV yieldPassing yield
5.0% 5.3%5.3% 5.4%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%
•
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
Valuation Acquisition done at attractive capital values
20
Transaction financing
1
2
3 431
861
694
150
644
350
1,000
8
Uses1 Sources
Step 1Testa acq.
Step 2Testa acq.
Step 3Testa acq.
Mandatorytenderoffer2
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 €1,034m Rights Issue size net of transaction expenses (assumes 3.24%)
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 financial assets and land plots, rest of operating metrics exclude them. Resulting
GAV excluding financial 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
23
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 4
2 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 offices and logistics in Spain…
MERLIN Testa
Largest prime office player in Spain4
Stronger presence in those areas that will experience first the rental growth recovery
GLA (´000 sqm)
GRI3GAV2
(€m)
1,984
1,710
273
112
93
19
554
475
79
GLA (´000 sqm)
GRI3GAV2
222
114
108
17
8
9
410
210
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
Offices1 Logistics1
(€m)
25
…with critical mass in shopping centres and high street retail
Becomes a reference for key tenants with five strategically located, dominant and urban retail assets recovery
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 Testa
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)
(€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 GRI1
€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
Office 36%
High street retail 30%
Shopping centres 11%
Logistics 4%
Hotels 7%
Rented residential 5%
Other2 7%
Office 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 financial 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)
Office 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
Office 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
2.67.03
2.411.4
4.7
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 accrued
2 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 disposals
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%
29
To be funded within 12 months: €256million
€25million already disbursed
Source: Company
Investment pipeline under execution/exclusivity/due diligence
Retail 37%Logistics 54%
Office 9%
Estimated size: c.€370million
31
Key figures
Testa non-core assets key highlights
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)
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 flexibility and end of ownership fiscal incentives
Resilient high quality portfolio2005 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
22% upside potential trough to peak
1,519 units 124k sqm GLA €11.1m GRI1 2.5 years WAULT
32
Testa non-core assets key highlights
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 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 figures
Strategically located urban hotels
Barcelona as best-performing hotel market in Spain
Madrid urban hotel market expected to benefit from strong recovery
Strong cash flow 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 Offices Madrid
© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin
© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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
© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin
34© MERLIN Properties SOCIMI, S.A 2
Portfolio Offices Barcelona
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
Testa Merlin
Portfolio Offices Barcelona Location
© MERLIN Properties SOCIMI, S.A 2
Portfolio Offices Barcelona
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
Testa Merlin© MERLIN Properties SOCIMI, S.A 2
Portfolio Offices Barcelona
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
Testa Merlin
© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin
35
Offices (I)
City: Madrid
Location: Business District
GLA: 54,960
Parking Lots: 1,253
City: Madrid
Location: Business District
GLA: 37,632
Parking Lots: 663
1. Endesa HQ – Ribera del Loira 60 2. Avenida del Partenón 16-18
City: Madrid
Location: Business District
GLA: 34,175
Parking Lots: 855
City: Madrid
Location: Business District
GLA: 33,718
Parking Lots: 853
3. Madrid A-1 4. Indra HQ – Avenida de Bruselas 33
City: Madrid
Location: Business District
GLA: 28,008
Parking Lots: 436
City: Barcelona
Location: Business District
GLA: 24,380
Parking Lots: 640
5. Juan Esplandiú 11-13 6. Edificio Muntadas
Testa MERLIN
36
Offices (II)
City: Madrid
Location: CBD
GLA: 23,598
Parking Lots: 15
City: Madrid
Location: Business District
GLA: 23,406
Parking Lots: 502
7. Princesa 3, 5 8. Atica
City: Madrid
Location: CBD
GLA: 21,390
Parking Lots: 631
City: Madrid
Location: Business District
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
Location: Business District
GLA: 18,058
Parking Lots: 457
11. Alcalá 45 12. Avenida de Bruselas
Testa MERLIN
37
Offices (III)
City: Barcelona
Location: CBD
GLA: 16,494
Parking Lots: 94
City: Madrid
Location: Business District
GLA: 16,000
Parking Lots: 335
13. Avenida Vilanova 12-14 14. Costa Brava 2-4
City: Barcelona
Location: Business District
GLA: 15,374 + 10,102
Parking Lots: 219 + 251
City: Madrid
Location: CBD
GLA: 15,254
Parking Lots: 271
15. Edificio San Cugat I and II 16. Paseo de la Castellana 83-85
City: Barcelona
Location: CBD
GLA: 14,795
Parking Lots: 217
City: Madrid
Location: Business District
GLA: 14,553
Parking Lots: 256
17. Avenida Diagonal 605 18. Eucalipto
Testa MERLIN
38
Offices (IV)
City: Barcelona
Location: Business District
GLA: 14,543
Parking Lots: 247
City: Barcelona
Location: Business District
GLA: 14,535
Parking Lots: 213
19. World Trade Center Almeda Park 8 20. World Trade Center Almeda Park 6
City: Madrid
Location: Business District
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: CBD
GLA: 10,070
Parking Lots: 0
22. Ventura Rodríguez 7
Testa MERLIN
39
Offices (V)
City: Lisbon
Location: CBD
GLA: 6,740
Parking Lots: 176
City: Madrid
Location: CBD
GLA: 6,721
Parking Lots: 89
25. Lisbon - Expo 26. Pedro de Valdivia 10
City: Barcelona
Location: Business District
GLA: 3,783
Parking Lots: 82
City: Madrid
Location: Business District
GLA: 3,046
Parking Lots: 60
27. Edificio Muntadas II 28. Juan de Mariana 17
Testa MERLIN
40
Portfolio Shopping Centres
© MERLIN Properties SOCIMI, S.A 3
Portfolio Shopping Centres
Marineda
1
La Coruña
Málaga
Larios
3
Madrid
Centro Oeste
5
Plaza de los Cubos
4
Porto Pi
2
Mallorca
Testa Merlin
Location© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin
41
Shopping 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
Annual Footfall: 7.6 m
Physical Occupancy: 95.2%
2. Porto Pi
City: Madrid - Majadahonda
GLA: 10,893
Annual Footfall: 6.7 m
Physical Occupancy: 100.0%
5. Centro Oeste
City: Madrid
Units: 21
GLA: 13,202
Physical Occupancy: 100.0%
4. Plaza de los Cubos
Testa MERLIN
42
Portfolio Logistics
© MERLIN Properties SOCIMI, S.A 4
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
Testa Merlin
Location© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin
43
Logistics (I)
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
Location: A-2 Corridor
City: Madrid
GLA: 36,234
Location: A-2 Corridor
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
Testa MERLIN
44
Logistics (II)
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
Location: A-2 Corridor
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
Testa MERLIN
45
Portfolio Hotels
© MERLIN Properties SOCIMI, S.A 5
Portfolio Hotels
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© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin© MERLIN Properties SOCIMI, S.A 1
Portfolio Offices 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 Merlin
46
Hotels (I)
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
Location: CBD / Urban
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
Location: CBD / Urban
GLA: 13,768
# rooms: 184
5. Tryp Oceanic 4* 6. AC Forum 4*
Testa MERLIN
47
Hotels (II)
City: Madrid
Location: CBD / Urban
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*
Testa MERLIN
48
PASEO DE LA CASTELLANA, 42
28046 MADRID
+34 91 787 55 30
www.merlinproperties.com