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Merlin Materializes the Purchase of 880 Branches Leased to BBVA For €740 Mn

4/07/2014 – Expansion

Merlin Properties has finally realized the acquisition of 100% of Tree Inversiones Inmobiliarias, a company owning 880 banking branches and 5 buildings fully leased to BBVA, for €739.48 million.

This is the first asset lot bought by the Socimi (Spanish REIT firm) after its flotation (the largest on the stock over the past 3 years) on Monday. The company is being promoted by Magic Real Estate.

Merlin had had previous arrangements with Tree Inversiones on the purchase. Until now, the firm has belonged to Deutsche Bank, Banca March, Ares Management and Europa Capital.

The lease contract of offices expires in 2039, while the buildings will remain rented by 2029.

Merlin assures the acquisition is just a warm-up before the “investment train” in the next months. It pursues at buying and managing high quality tertiary property all over the Iberian Peninsula, above all office buildings, shopping centers and logistics.

In totoal, Merlin raised €1.25 billion at its listing. Spanish investors contributed with €400 million.

The Socimi presided by Ismael Clemente appreciated by 1.06% yesterday, settling at the price of 10.450 Euros a share. To compare, Merlin started trading on the stock at 10 Euros per share.


Original article: Expansión

Translation: AURA REE