MERLIN Properties Annual Report 2017 / English

ı 40 ı OFFICE Torre Chamartin Construction of an office building located in the intersection between A-1 and M-30 highways of Madrid. The project includes the best specifications for the building in a design of the architect Miguel Oriol. The building will have a LEED Platinum certification. Works are progressing at a very good pace, complying with the calendar to finish the asset by end of 1Q 2018. DEVELOPMENTS / WORK IN PROGRESS (WIP) (1) Excluding transaction costs (2) Calculated as ERV divided by acquisition price plus estimated Capex Torre Chamartín G.L.A. (sqm) 16,639 Acquisition price of land (1) (€ thousand) 30,986 Estimated Capex 31,261 Total cost (€ thousand) 62,247 Capex incurred in 2017 19,684 % executed 91.0% Delivery date 1Q 2018 ERV (€ thousand) 4,079 ERV Yield (2) 6.6%