Merlin Rationalises Its Portfolio & Backs Logistics Sector
7 April 2017 – Expansión
Following two years of intensive investments, Merlin is now preparing to rationalise its portfolio and extract greater value from its assets. The Socimi led by Ismael Clemente (pictured above) has set itself the challenge of improving the occupancy rates of its offices and shopping centres, as well as strengthening its presence in the logistics sector.
In February, the company announced its plans to increase its stock by more than 500,000 m2. The company has also started to rotate its assets and, following the deconsolidation of the residential business, it closed the sale of its hotel portfolio to Foncière des Murs for €535 million at the end of December.
Another one of the firm’s objectives is to maintain a balanced level of debt. In this way, last October, it placed €800 million in 10-year bonds to cover a bridge loan to Metrovacesa.
Original story: Expansión
Translation: Carmel Drake