Tag: operating revenues

Merlin Posts Solid Results in First Semester of 2019

3 August 2019

Merlin Properties announced an operating profit of €157.2 million in the first semester of 2019, an increase of 11.6%, along with net profits of 262 million euros. The socimi had revenues of €265.2 million, an increase of 7.3%, while Ebitda reached €210.4 million, an increase of 7.4%.

Receipts from Merlin’s office business increased by 8.3% due to a rise in employment and renovations carried out by the firm on its properties. Merlin also leased a total of 8,487 m2 in the Torre Chamartín, bringing occupancy to 83%.

The socimi’s shopping centre revenues rose by 3.9%, as the total occupancy rate grew to 92.6%. Income from logistics assets rose by 6.2%, as occupancy held steady at 95.7%.

Original Story: Cinco Dias – Manu Granda

Adaptation/Translation: Richard D. K. Turner

Vukile Increases Castellana Properties’s Share Capital by €7M to Fund New Purchases

12 June 2018 – Eje Prime

The South African fund Vukile is looking after its investment vehicle in Spain. The Socimi Castellana Properties has increased its share capital by €7 million to undertake new purchases, according to explanations provided by the group to Eje Prime. The company is whereby continuing with its investor appetite, which was sated in May with the purchase of the Habaneras shopping centre for €80.6 million.

“Castellana Properties is immersed in an ambitious growth process”, explain sources at the company. “Last year, the Socimi acquired eleven retail parks in Spain for approximately €300 million, to become a strategic player in the real estate sector and, specifically, in the retail sector”, explain sources at the company.

“The capital increase forms part of this growth strategy; it will allow us to increase the company’s financial capacity to undertake new and exciting projects”, they conclude. Following this increase, the resultant subscribed share capital will amount to €33.4 million. The South African fund Vukile now has a portfolio containing thirteen shopping centres in Spain and an investment made to date of €290 million across the whole Spanish market.

Since last year, the group has closed several operations in the Spanish market. Redevco Iberian Ventures, the joint venture between the real estate company specialising in retail Redevco and funds managed by the global alternative asset manager Ares Management, sold nine retail parks to the Socimi for €193 million.

In December, the group acquired two retail spaces in Granada and Murcia with an investment of €65 million. Alameda Park has a surface area of 25,000 m2 and was acquired for €54.6 million, whilst Pinatar Park occupies 10,637 m2 and involved an outlay of €10.7 million.

The only operation signed by Vukile and Castellana Properties so far this year has been the purchase of the Habaneras shopping centre for more than €80 million. The complex was constructed in 2005 by Metrovacesa. Since then, the asset has passed through the hands of Unibail-Rodamco, in 2008 and Harbert, which acquired Habaneras for €65 million.

That centre has a gross leasable area of 24,158 m2 and contains 70 stores distributed over three floors and more than 800 parking spaces. Its tenants include operators such as Zara and H&M. The Habaneras shopping centre received 4 million visitors last year and recorded operating revenues of €5 million.

Original story: Eje Prime

Translation: Carmel Drake

Vukile Negotiates Purchase of the Habaneras Shopping Centre

25 January 2018 – Eje Prime

A new corporate operation is on the horizon in the shopping centre sector in Spain. The Habaneras complex may be changing hands once again, given that the investment fund Harbert European Real Estate Fund is negotiating its purchase for €80 million from the Socimi Castellana Properties (managed by Vukile).

The Habaneras shopping centre was constructed in 2005 by Metrovacesa. Since then, the complex has been owned by Unibail-Rodamco, which bought it in 2008, and by Harbert, which acquired Habaneras for €65 million, according to Expansión.

The complex has a gross leasable area of 24,158 m2, contains 70 stores spread over three floors and has 800 parking spaces. Its tenants include retailers such as Zara and H&M. The Habaneras shopping centre ended last year with 4 million visitors and operating revenues of €5 million.

Meanwhile, the South African fund Vukile already owns a portfolio containing thirteen shopping centres in Spain and has made investments to date amounting to €290 million across the whole Spanish market.

Original story: Eje Prime

Translation: Carmel Drake