MERLIN Properties recorded consolidated IFRS net earnings of 19.6 million euros

Following the first quarter acquisitions of an office building in Madrid and a logistics warehouse in Coslada, the Company owns, as of 31 March, a portfolio of 902 assets, with an average occupancy of 96.5% and a gross yield of 5.8% (calculated over appraisal value) and 6.1% (over acquisition cost).

MERLIN Properties has released its 1Q 2015 consolidated financial statements, with total revenues of €32.5 million, EBITDA of €29.7 million and net profit of €19.6 million, in accordance with IFRS. Taking into account EPRA standards, 1Q 2015 EPRA earnings were €22.2 million.

During this first quarter, MERLIN Properties has acquired an office building in Madrid and a logistics warehouse in Coslada (Madrid) for an aggregate consideration of 57.9 million euros. Following these acquisitions, MERLIN owns a portfolio of 902 assets, as of March 31, 2015, with a total gross leasable area of 716,826 sqm. Average occupancy is 96.5%, with an average EPRA gross yield of 5.8% (calculated over 2014 year-end appraisal), and 6.1% (calculated over acquisition cost).

In the course of the coming months, MERLIN Properties will continue to pursue its strategy of acquiring high-quality commercial real estate assets in the office, retail and logistics segments, by deploying the 613.8 million euros raised in its recent successful capital increase. Recent transactions completed after the close of the first quarter include the acquisition on April 17th of a logistics warehouse located in Meco (Madrid), with 35,285 sqm of GLA, fully let to Azkar (Dachser subsidiary) for a total price of 22 million euros.

About MERLIN Properties


MERLIN Properties SOCIMI, S.A. (MC:MRL) is one of the largest real estate companies trading on the Spanish Stock Exchange, with a market capitalization of approximately 2,300 million euros, specialized in the acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers and logistics facilities, within the Core and Core Plus segments. MERLIN Properties is part of the benchmark FTSE EPRA/NAREIT Global Real Estate, GPR Global Index and MSCI Small Caps indices.