22 April 2016 – El Boletín
The downwards trend in the share price of Merlin Properties is accelerating amidst rumours of divestments. The Socimi’s share price decreased by 2% on the stock exchange after it was revealed that it is considering the sale of some of its premises, currently leased to BBVA, its main tenant.
The slight decrease in the share price in recent months has accelerated following the news that Merlin is considering the sale of a “residual part” of the premises that BBVA leases from it as branches. Currently, there are 888 buildings in this situation, which meant that when it debuted on the stock exchange – exactly four months ago today – it was known as the landlord of the bank chaired by Francisco González.
Whilst this movement would form part of the asset rotation policy set out in the listed entity’s strategic plan, investors are reacting negatively to this change in Merlin’s criteria with respect to one of its main tenants. Thus, share sales increased during the trading session and the Ibex 35 fell prey to the uncertainty surrounding the wait for Mario Draghi to share his account of the European Central Bank (ECB)’s next moves.
Analysts at Capital Bolsa also indicated that the technical analysis of its graph points more towards a decline to €9.50 per share, than a comeback to the €10.00 threshold. Until the Ibex’s Socimi manages to exceed its recent maximums of €10.079 per share, the trend to increase its losses will continue, which now amount to 15% in terms of its market capitalisation since the beginning of this year.
Original story: El Boletín
Translation: Carmel Drake