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Merlin Properties Purchases An Office Building In Barcelona For €46,75 Million

14/08/2014 – Cinco Días

Merlin Properties has formalised the acquisition of an office building in the business park World Trade Center Almeda Park (WTCAP), situated in Cornellá de Llobregat (Barcelona), for a value of 46,75 million euros, according toinformation provided by the real estate investment company to the Spanish Securities & Exchange Commission (CNMV).

Specifically, the building has been bought from UBS Real Estate Kapitalanlagegesellschaft mbh. With a gross leasable area (GLA) of 14.535 square metres, the building is entirely leased, with tenants such as Axa Seguros and Sharp Electronics.

The price of the acquisition represents an initial net profitability, based on recommendations by EPRA, of 7,4%. After including this acquisition, Merlin’s property portfolio, with a gross leasable area of over 500.000 square metres, produces gross annual incomes of more than 110 million euros.

With this acquisition, Merlin reaches a level of investment of 1.056 million euros, of which 1.291 were raised on its listing on the Stock Exchange, putting to use 82% of its capital.

Original article: Cinco Días
Translation: Aura REE