• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Merlin Invests €153M In 5 “Express” Operations

2 October 2015 – Expansión

Following its purchase of Testa, the Socimi has purchased several logistics assets and 50% of a shopping centre in Madrid.

The Socimi Merlin Properties is continuing to grow its real estate portfolio. Yesterday, the company announced the completion of five new operations, with a total investment volume of €153.1 million.

The assets include five logistics warehouses located in Madrid and Guadalajara and 50% of the Arturo Soria Plaza shopping centre, also located in the capital. To obtain this stake in the Madrilenian property, Merlin has acquired the company Obraser, administered by Joaquín Molpeceres, for €34.8 million. The remaining 50% of the shopping centre, which has a surface area of 6,965 m2, is controlled by Acciona Inmobiliaria. The chain Sánchez Romero is the owner of the supermarket for which the property is renowned.

Logistics assets

In a second operation, Merlin has purchased three logistics warehouses located in Cabanillas del Campo (Guadalajara). The assets, which have a total gross leasable area (GLA) of more than 103,000 m2, are still under construction and are due for completion at the end of 2016. Merlin will pay €46.6 million for these warehouses.

Meanwhile, Merlin has also acquired two other warehouses, in the Gavilanes industrial estate, in Getafe, for €28.1 million. Those properties are also under construction. Finally, the Socimi has completed the purchase of a logistics platform in Los Olivos, also in Getafe, which is rented to Gefco. Merlin has paid €11 million for this platform, which has a surface area of 11,488 m2.

These are the first purchases that the Socimi, led by Ismael Clemente, has made since it reached an agreement with Sacyr to purchase its real estate subsidiary Testa for €1,793 million. To complete that acquisition, Merlin Properties launched a capital increase of €1,034 million.

Months earlier, in May, it completed another capital increase, amounting to €614 million, to raise finance to purchase new assets.

Prior to this operation, Merlin had a portfolio worth €5,616 million, including €3,202 million from Testa, in which it now holds a 77% stake.

Merlin’s shares closed at €10.65 per share on the stock exchange yesterday, taking its market capitalisation to €3,440.3 million.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake

69