MERLIN Properties Annual Report 2020 / English

| 29 During 2020, investment activity has been as follows: • No significant acquisitions activity in 2020. • € 198.3m divestments at GAV in the period including 3 retail assets and 19 BBVA branches. • Landmark I, Flagship and Best II & III continue. • The Company has revisited its Capex plans and is now focused on assets with pre-lets in place. (1) Where expenditure is spent on both existing and incremental space, MERLIN classifies an expenditure as “incremental lettable space” where available lettable space is increased by at least 10% compared to the total lettable area of the asset. In 2020 Monumental and Plaza Ruiz Picasso are included within this category. Investments, divestments and Capex Offices Retail Logistics € million Acquisitions Plaza de Cataluña 9 15.4 Development X-Madrid A2-Azuqueca II A2-Azuqueca III A2-San Fernando II A2-Cabanillas Park II Lisbon Park 103.4 Investment properties Castellana 85 Monumental Plaza Ruiz Picasso Arturo Soria 343 El Saler Porto Pi Larios A4-Getafe (Gavilanes) A2-Cabanillas I A4-Pinto II 117.6 Incremental lettable space (1) 21.9 No incremental lettable space 95.7 Tenant incentives - Other material non-allocated types of expenditure - Like-for-like portfolio (Defensive Capex) (2) 17.6 Capitalised interest (interest if applicable) - TOTAL 254.0