MERLIN Properties Annual Report 2017 / English

ı 36 ı OFFICE Avenida Europa 1A Former headquarters of Vodafone, who left the building in 2014, a full Capex program was conceived to reconvert the asset into multitenancy, once a 50% pre-let level was surpassed. Building 1B was developed on the back of a pre-let to VASS (IT supplier of El Corte Ingles) and Doberman. Bulding 1A was 100% pre-let to Renault in November 2016 and construction was subsequently initiated. Renault lease started in September 2017. Puerta de las Naciones Full refurbishment of all common areas, interiors and installations to upgrade Ferrovial headquarters, already tenant in the building. The upgrade was negotiated with the tenant together with the renewal of the lease agreement in place. Works were executed with the tenant in the building and therefore implemented on a floor-by- floor basis. REFURBISHMENTS 2017 has been a very active year in refurbishments activity. The projects delivered in the period are described below. G.L.A. 12,605 Capex 2017 (€ thousand) 6,500 ERV (€ thousand) 1,898 Occupancy 100% Tenants Renault G.L.A. 10,619 Capex 2017 (€ thousand) 6,437 ERV (€ thousand) 1,674 Occupancy 100% Tenants Ferrovial Eucalipto 33 Former headquarters of Roche, who left the building in January 2017, a full Capex program was conceived to reconvert the asset into multitenancy. The scope of works encompasses lobby “merlinization”, new ceilings and lighting and new VRV installations. G.L.A. 7,185 Capex 2017 (€ thousand) 2,347 ERV (€ thousand) 1,465 Occupancy - Tenants Under negotiation