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Annual Report 2015
SHAREHOLDING
The Company’s share capital
is composed of 323,030,000
ordinary shares. MERLIN
Properties has a very solid
shareholding structure with a
significant “free float” of 84%.
Free float
84%
INVESCO
1%
Principal
Financial Group
3%
UBS
6%
Black Rock
6%
Data as of February 26th, 2016 in accordance
with the announcemts made to the CNMV
COMPANY
CAPITAL STRUCTURE
ASSETS
MANAGEMENT
• Focus on high quality, “core” and “core
plus” commercial properties: mainly
office assets with support from retail and
logistics cash flow
• Target portfolio by 2018: office (40%),
high street retail (20-30%), shopping
centres (20-25%) and logistics (10-15%)
• Selective development focused on
AAA buildings given the scarcity of his
product class in the market
• Maximizes
profitability
potential of the
existing portfolio
and seeks to enhance quality and returns
through selective new acquisitions
• Limited rotation of assets focused on
matured, optimized assets
• In-house asset management teams to
enhace the portfolio’s return
• Diversified REIT
• Operating in Spain and,
to a lesser extent, in Portugal
• Governed by the best
Anglo-Saxon REIT’s practices
• Conservative approach
to capital structure with
a maximum 50% LT on
a portfolio basis
• Target to reach an annual
levered return of 8-10%
• Attractive sustainable
dividend yield