14 January 2015 – El Mundo
Merlin has acquired an office building in Barcelona and two logistics warehouses in Getafe and Vitoria.
As a result of these transactions, the Socimi’s gross rentable area exceeds 680,000 square metres.
The Socimi Merlin Properties, one of the leading real estate companies listed on the Spanish stock exchange, which specialises in the acquisition and management of tertiary assets in the Iberian peninsular, has announced that it completed the purchase of three new assets in December. It spent €88.4 million on the acquisitions, which will generate rental income of €5.9 million, taking the total annual gross rental income the company generates from its portfolio of assets to more than €128.8 million.
The first acquisition involved an office building in Barcelona, number 8 of the WTCAP, which it bought for €36.5 million. This represents the second purchase made by the company in the landmark business park, following its acquisition of the building at number 6 in August. Number 8 has a gross leasable area of 14,543 square metres, plus 700 sqm of storage and 247 parking spaces.
The building in the WTCAP is partially leased to multi-national companies such as Panasonic, Technip and Colt Telecom. The acquisition price represents an initial gross rental yield of 5.6% (4.8% net) and the property has high growth potential, through the rental of its unoccupied surface area (equivalent to 35% of the total leasable area). If the building were fully occupied, the rental yield of the property would exceed 8%.
Meanwhile, Merlin Properties is continuing its commitment to logistics and industrial assets, where it now has a gross leasable area under management of more than 136,000 square metres. In December 2014, it bought a logistics warehouse measuring 16,242 square metres, located in the CLA in Getafe (Madrid), which is leased to the Galician logistics company Transportes Souto under a 10-year contract. The acquisition price (€12.5 million) represents a gross and net rental yield of 8.4%.
Finally, Merlin has also acquired a logistics warehouse measuring 72,717 square metres in Vitoria, located in the Júndiz business park, which is renowned for its excellent transport connections and for housing the only Mercedes Benz factory in Spain. The park is also home to several other prestigious companies, including Correos, DHL, DB Schenker, Azkar (Dascher) and Adif. The warehouse is leased under a 10-year contract to the well-known multi-national logistics company Norbert Dentressangle. The acquisition price (€28.58 million) represents a gross and net rental yield of 9.6%.
As a result of these three transactions, Merlin Properties’ real estate portfolio now has a total gross leasable area of more than 680,000 square metres and generates gross annual rental income of €128.8 million.
Original story: El Mundo
Translation: Carmel Drake