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Annual Report 2015
Management report on consolidated fina cial statements
The like-for-like increase from 31 December
2014 is +7.8%, and +5.1% after the significant
write-off in non-core land valuation.
The like-for-like average yield compression in
the portfolio is of 43 basis points.
Gav reconciliation (€m)
Lfl yield evolution (bps compression)
56
49
124
31
1
14
11
Offices
Shopping
centers
Logistics
Hotels
Rented
residential
Other
High
street retail
GAV lfl evolution
43
MERLIN
average
Dec-15 vs Dec14
Office
10.0%
Shopping centers
10.3%
Logistics
11.3%
Hish Street Retail
6.8%
Hotels
1.5%
Rented residential
1.5%
Other
1.7%
Land for development
-
Non-core land
(48.8%)
Total
5.1%
Equity method
0.1%
Total including
equity method
5.1%
Total excluding
non-core land
7.8%
GAV MERLIN
Dec-14
2.232
GAV MERLIN
Dec-15
6.053
MERLIN
valuation uplift
165
197
(127)
2015 acquisitions
valuation
uplift
17
Capex
Testa
16
2015
acquisitions
374
GAV Testa
Mar-15
3.180
Testa
valuation uplift