MERLIN Properties Annual Report 2018 / English

ı 33 ı Annual Report 20 18 2018 has been an intense year in extracting value from the portfolio of assets. The activity has been focused in expanding the exposure in Portugal, the growth of the logistics footprint propelled by the WIP program in place (Best II) and the implementation of the Landmark and Flagship refurbishment programs. Acquisitions, refurbishments and developments (1) Excluding the acquisition of 10% of PLZF shares (€ 10.9m) to own 100% of the subsidiary. The acquisitions of Madrid-Getafe (Gavilanes) and Madrid-San Fernando I have been reclassified to Development and WIP (2) € 16.4m capitalized in balance sheet and € 3.1m expensed in P&L Offices Retail Logistics € million Acquisitions (1) Endesa leasings Zen Tower Costa Brava 6-8 Almada Porto Pi unit Vitoria-Jundiz II Guadalajara-Cabanillas II 569.5 Development & WIP Torre Chamartin Torre Glòries X-Madrid Madrid-Getafe (Gavilanes) Madrid-San Fernando I Madrid-Meco II Guadalajara-Cabanillas III Toledo-Seseña Guadalajara-Cabanillas Park I F Sevilla Zal I 88.7 Refurbishment Balmes Adequa 1 Juan Esplandiu Princesa 5 Eucalipto 33 Larios Arturo Soria Porto Pi 27.4 Like-for-like portfolio (Defensive Capex) (2) 19.5 TOTAL 705.2