Merlin turns over €381.3M

The Iberian property investment company Merlin Properties closed the first nine months of the year with a €381.2 million turnover in Spain and Portugal in a better than expected result.

The figures revealed an EBITDA of €277.4 million, an operational profit of €201.9 million (43 cents per share) and an accounts impact of €254.4 million.
The net value of assets was €7.7Bn (15.69 per share), 0.8% above the 6M21, although a new valuation of the portfolio (which is made in June and December each year). The company continues actively managing its balance, closing the quarter with a LTV of 40.1% and excellent financial ratios. The company has a liquidity position of €1.6Bn.
Merlin Properties (MC:MRL), is the largest real estate company listed on the Spanish stock exchange, specialising in the acquisition and management of commercial real estate assets in the Iberian region. In 2020 its issued and outstanding shares began trading in Portugal.
Merlin Properties is the first Spanish SOCIMI to be listed on the regulated market of Euronext under dual listing.
This listing underlines Merlin Properties’ intention to strengthen its position, brand awareness and viability in the Portuguese market; as well as, to reinforce relationship with the Portuguese stakeholders.
The listing also provides Portuguese investors with more direct access to one of Europe’s leading real estate companies and give Merlin Properties the opportunity to further expand and diversify its shareholder base.
Portugal is of great strategic value for the company and, since its first acquisition in Lisbon in 2015, has gained relative weight in Merlin’s portfolio being currently 9% of the company’s annual rents.
Ismael Clemente, Vice-Chairman and CEO of Merlin says “the prospects of economic growth, the excellent fundamentals of the real estate sector, and the current context of political stability just confirm the appeal of Portugal for us”.
“As we intend to continue increasing our exposure in the country, it is essential for Merlin Properties to be listed here”.
MERLIN Properties owns nine office buildings in Lisbon, mainly in the CBD, such as Marques de Pombal or Monumental, and in the Expo area; one large shopping centre in Lisbon (Almada); and land to develop new logistic assets in Lisbon Park (Vilafranca da Xira). All of them show an outstanding performance to deliver annual rents of €45 million and almost full occupancy.