MERLIN Properties Annual Report 2017 / English

ı 31 ı Annual Report 2017 2017 has been an intense year in extracting value from the portfolio of assets. The activity has been focused in the growth of the logistics footprint propelled by the WIP program in place and the implementation of the ambitious refurbishment program launched at the beginning of the year. ACQUISITIONS, REFURBISHMENTS AND DEVELOPMENTS Office Retail Logistics € million Acquisitions Torre Glories Central Office Marqués de Pombal 3 Porto Pi retail units El Saler retail unit Larios retail unit Stake in Zal Port (1) Stake in PLZF Stake in Sevilla-ZAL 325.4 Development & WIP Torre Chamartin Torre Glòries Madrid-Meco II Madrid-Pinto Guadalajara-Azuqueca Guadalajara-Cabanillas Park I (3) Guadalajara-Cabanillas Park II Madrid Getafe Gavilanes Sevilla-ZAL Madrid-San Fernando I 107.4 Refurbishment Juan Esplandiu Avda. Europa 1A Eucalipto 33 Puerta de las Naciones Monumental Adequa 1 Marineda El Saler Arturo Soria Larios Porto Pi X-Madrid Thader 42.8 Like-for-like portfolio (Defensive Capex) (2) 21.2 Total 496.7 (1) Reported as equity method (2) € 18.3m are capitalized in balance sheet and € 2.9m are expensed in P&L (3) Modules B, C, D, E and F