Merlin Properties

merlin properties

Merlin Properties considers capital increase, entry of a partner or divestment of data centre assets

Renta 4 | At Merlin Properties’ AGM on Thursday, the CEO, Ismael Clemente, revealed further details on the status of the company’s data centre strategy and options. Firstly, Merlin is reportedly receiving interest from a number of pension funds, sovereign wealth funds, insurance companies and other large investment vehicles. Secondly, the management team insists that the operation to grow the data centre plan has not yet been defined, although they…

merlin 1 750x416 1

Merlin Properties contracts with two US investment banks to increase capital by up to €1 billion

Intermoney| Merlin Properties (MRL) (Buy, Target Price €12/share) has contracted with two US investment banks for a capital increase of up to €1 billion, which it expects to be completed before the end of this year, according to Cinco Días. The REIT expects the funds to be used for the start-up of data centres, its current main avenue for growth. Merlin expects a large part of the capital increase to…

merlin 1 750x416 1

S&P upgrades Merlin Properties’ rating from BBB to BBB+ and endorses strategy to strengthen data centre and logistics businesses

Intermoney| The rating agency Standard & Poor’s (S&P) has raised the rating of Merlin Properties (Buy, PO €12) from BBB to BBB+ and endorses the strategy of the REIT, which involves strengthening its position in data centres and logistics in the coming years, according to Expansión newspaper. For S&P, the REIT has maintained “solid” credit indicators despite the headwinds of the last two years thanks to its “prudent financial policy”…

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…