Merlin Properties

Spanish shopping centres

Merlin sells two shopping centres to Hungarian fund Indotek for undisclosed sum

CdM| The Hungarian real estate fund Indotek Group has acquired two shopping centres, one located in Valencia and the other in Barcelona, from Merlin Properties Socimi, without disclosing the amount of the transaction. In a statement, the fund has detailed that, with this transaction, it seeks to consolidate its presence in the country and substantially increase the surface area of its commercial assets in the Iberian Peninsula, where it already…

Merlin Properties

Merlin Properties: BBVA prevails over minorities in the arbitration over Madrid Nuevo Norte

Renta 4 | In line with information in the el Economista daily, BBVA would have prevailed over minority shareholders (MERLIN Properties and SANJOSE) in the arbitrage over the sale rights in Distrito Castellana Norte (DCN) project. The Arbitrator, D. Miguel Virgós, has communicated his decision to the parties involved. This means the Spanish bank, chaired by D. Carlos Torres, will be able to sell its 75.54% stake in the project,…

Property sector

Leverage remains key for property sector; Colonial (EW, T.P. from 7,5 to 6,2 euros/share);Merlin (OW, T.P. from 11 to 10 euros/share)

MS | Bart Gysens (analyst) has this Thursday published a report reviewing his preferences within the European property market, positioning himself for a transition from an environment of rising rates to one of recession. Leverage is still the determining factor which the team uses to see where the value is and is not. But as we enter 2023, where the macros see a potential recession, thus driving a greater importance…

Merlin Properties

Merlin Properties subscribes to a 5-year syndicated loan for € 600 M; this assures the repayment of all debt maturities to 2027

Renta 4 | According to information provided to the Stock Market Regulator, Merlin Properties has subscribed to green corporate financing with various banks. This allows it to add 660 million euros to its disposable liquidity, reaching a total of 2 billion, and means that the repayment of all its debt maturities to 2027 is assured. The financing consists of a syndicated 5-year loan for 600 million euros with 5 lenders (BBVA,…

Merlin Properties

Merlin Properties CEO flags it will grab opportunities amid unfavourable climate

Link Securities | Merlin Properties CEO, Ismael Clemente, highlighted in an interview with the daily Expansión that they are focused on managing and growing the company. He said they will take advantage of the opportunities which present themselves amid the possible unfavourable economic situation. This is what they did in 2014 (aquisition of the portfolio of BBVA branches), in 2015 (buy of Testa) and in 2016 (merger with Metrovacesa). The…

Merlin Properties

Moody’s improves Merlin Properties’ rating from stable to positive (Baa2) after sale of BBVA offices

Intermoney | Moody’s has improved its rating on Merlin Properties (MRL) (Buy, Target Price 13 euros/share) from stable to positive, also confirming its long-term rating of Baa2. Moody’s flags that, with the recent sale of BBVA branches, “the capital structure will remain solid. In addition, the loan to value (the relationship between the debt and the value of the assets) will be below 36%, in line with Merlin’s strictest financial targets”….

Merlin Properties

The big Socimis, Merlin, Colonial and Lar España, will pass the CPI rise on to tenants

Bankinter | Merlin, Colonial and Lar España foresee passing inflation on to their rents. They give assurances they will enforce contracts, just as they did when inflation was zero or in negative territory. Bankinter’s opinion: Good news for the sector, although it should be viewed with caution. We do not think the increase in inflation is going to be applied across the board. There will be some assets requiring negotiation with…

Merlin Properties

Merlin Properties Will Be A Socimi In Portugal When The Country’s Legislation Opens Up To EU Firms

Merlin Properties’ CEO, Ismael Clemente, said it will take advantage of Portugal’s socimi regime when the country’s legislation is open to the incorporation of the so-called ‘community passport’ for companies from other European countries. Clemente was speaking at the III Iberian REIT Conference. Merlin has been in Portugal since 2015. Together with Spain, it is the firm’s strategic market.

offices spain

BofA: Consensus underestimating Merlin

Spanish real estate still has growth to deliver. Regardless of global economic slowdown, Brexit or trade tensions, we think the country’s competitive labour market should support one of the highest economic growth rates in Europe. Spanish GDP should grow at 1.7% pa over the next three years vs 1.1% in the Euro area, according to BofA economists.