MERLIN Properties Annual Report 2020 / English

| 33 FLAGSHIP PLAN (SHOPPING CENTERS) IN STOCK (1) GLA (sqm) 50,747 Scope Full refurb Budget € 25.8m Delivery 2Q21 GLA (sqm) 58,779 Scope Full refurb Budget € 28.5m Delivery 2Q21 Saler Porto Pi (1) GLA and Capex budget for shopping centers refurbishments include 100% of the asset, regardless of the stake owned by MERLIN in the owners’ community.