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Merlin Generates Profit Of €19.6M In Q1 2015

14 May 2015 – Expansión

The Socimi Merlin Properties, which commenced its activity on 30 June last year, generated a profit of €19.6 million during the first quarter of this year.

The company recorded a gross operating profit (EBITDA) of €29.7 million and achieved turnover of €32.5 million, according to accounts filed with Spain’s National Securities Market Commission (CNMV).

At 31 March 2015, the company’s real estate portfolio contained 902 assets, which had a combined gross leasable area of 716,826 square metres.

The average occupancy rate of these real estate assets was 96.5%, with an average return of 5.8%.

During the first three months of the year, Merlin Properties completed the purchase of an office block in Madrid and a logistics warehouse in Coslada (Madrid) for a total price of €57.9 million.

Looking ahead to the next few months, Merlin plans to intensify its strategy to acquire real estate assets in the office, retail and logistics segments, now that it has closed its capital increase, which contributed €613.8 million of own funds to the company; the new shares began trading on Wednesday.

In fact, on 17 April, the company acquired a logistics warehouse in Meco (Madrid), from the real estate management company Kefren Capital Real Estate (KCRE) for €22 million. The warehouse measures 35,285 square metres and is leased to Azkar (a subsidiary of Dachser).

The listed real estate investment company (Socimi) Merlin Properties expects to purchase assets amounting to between €50 million and €150 million during the second quarter of the year.

Original story: Expansión

Translation: Carmel Drake