MERLIN Properties Annual Report 2017 / English

ı 37 ı Annual Report 2017 Juan Esplandiu 11-13 After the departure of Madrid Salud, MERLIN implemented a phased Capex program for upgrading the asset. During the first phase, MERLIN upgraded all technical installations and accomplished a built to suit project for the Cellnex HQ In Madrid (4,417 sqm). Second phase has included the lobbies and common areas refurbishment and façade improvement. Total investment in 2017 has been €2.5m. G.L.A. 28,008 Capex 2017 (€ thousand) 2,522 ERV (€ thousand) 4,284 Occupancy 85% Tenants Cellnex The assets currently under refurbishment are the following: GLA (sqm) Scope Budget % executed Pre-let Balmes 6,187 Full refurb € 1.8m 9% 100% Monumental 7,185 Full refurb (incl.. SC) € 19.1m 4% Initial phase On-going