MERLIN Properties Annual Report 2019 / English

34 | Annual Report | 2019 Cabanillas Park I Extension G.L.A. (sqm) 92,994 Acquisition price (1) (€ thousand) 16,875 Estimated Capex (€ thousand) 39,084 Total cost (€ thousand) 55,959 ERV (€ thousand) 3,823 ERV yield (2) 6.9% Delivery date Dec 20 / Oct 21 Acquisition of Cabanillas Park I extension In June, MERLIN acquired a land plot for the development of four logistics warehouses adjacent to MERLIN Cabanillas Park I, with a total GLA of 92,994 sqm. The project will be delivered in two phases in 2020 and 2021. This development will further grow MERLIN’s footprint in this dynamic hub for national e-commerce distribution to ca. 320,000 sqm to become the largest logistics park in Madrid, with 10 state-of-the-art logistics warehouses and best-in-class 3PLs tenants. LOGISTICS Acquisition of Valencia-Ribarroja In July, MERLIN completed the acquisition of a 34,992 sqm turnkey logistic asset in Valencia. The warehouse, located in Ribarroja´s industrial park, a consolidated logistics park renowned for its accessibility (A-3 and A-7 highways) and proximity to the city center. The asset is 100% let to Dachser. The acquisition price amounts to € 26.3 million representing a 7.2% gross yield. Valencia-Ribarroja Acquisition Price of the asset (€ thousand) 26,288 Annualized gross rent 2019 (€ thousand) 1,890 Gross yield (3) (€ thousand) 7.2% Total G.L.A. (sqm) 34,992 (1) Excluding transaction costs (2) Calculated as ERV divided by acquisition price plus estimated Capex (3) Calculated as Annualized gross rent divided by acquisition price