MERLIN Properties Annual Report 2019 / English

| 31 2019 has been an intense year in extracting value from the portfolio of assets. The activity has been focused in continue expanding the exposure in Portugal, the growth of the logistics footprint propelled by the WIP program in place and the implementation of the Landmark and Flagship refurbishment programs (1) € 9.9m are capitalized in balance sheet and € 3.5m are expensed in P&L Offices Retail Logistics € million Acquisitions Art TFM LOOM 22@ Ferreteria Nestlé HQ DCN Artea unit Cabanillas Park I extension 450.0 Development & WIP Torre Chamartin Torre Glòries X-Madrid Madrid-Pinto IIB Guadalajara-Cabanillas III Toledo-Seseña Sevilla ZAL Lisbon Park Valencia Ribarroja 102.4 Refurbishment Diagonal 605 Castellana 85 Adequa Balmes Eucalipto 33 Monumental Arturo Soria 343 Plaza Ruiz Picasso Larios Arturo Soria El Saler 54.1 Like-for-like portfolio (Defensive Capex) (1) 13.4 TOTAL 619.9 Acquisitions, refurbishments and developments