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VALUATION
MERLIN portfolio has been appraised by
CBRE (Testa assets except for land) and
Savills (MERLIN assets plus Testa land).
Advanced payments related to forward
purchase transactions, which have not been
appraised, have been added at book value as
part of the land for development category.
The GAV of MERLIN as of year-end amounts
to € 6,052.7 million.
(1)
Considering GAV of stakes held at equity method (€187,285 thousands)
31/12/15
Valuation metrics
€ thousand
% €/sqm/AG Gross Yield
Office
2,189,565
36.2% 3,950
5.1%
Shopping centers
683,680
11.3% 3,974
5.9%
Logistics
276,500
4.6%
608
6.9%
Hish Street Retail
1,883,908
31.1% 4,307
5.1%
Hotels
397,455
6.6% 3,405
5.6%
Rented residential
288,140
4.8% 2,323
4.2%
Other
12,195
0.2% 1,986
7.4%
Land for development
50,524
0.8%
227
-
Non-core land
132,635
2.2%
n.a.
-
Total
5,914,602
97.7% 2,412
5.3%
Equity method
(1)
138,064
2.3%
1,132
7.8%
Total with equity method
6,052,665
100.0% 2,331
5.3%