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Merlin plans to spend €1.000M in refurbishing its assets
23 July 2019 | Vanessa Sousa

Spanish REIT Merlin Properties will carry out a 1.000 million euro refurbishment plan for its assets until 2022.

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Around 20% of this amount will be destined to refurbish its 7 shopping centres: Larios in Malaga, Arturo Soria Plaza, X-Madrid, Tres Aguas and Callao, 5 (current headquarters of Fnac), in Madrid, as well as El Saler in Valencia and Porto Pi in Palma, according to EFE news agency, quoted by online daily newspaper ABC.

Several office buildings are included in this plan. One of them is the building located at Paseo de la Castellana 83-85, which will be fully refurbished, representing a 25 million euro investment.

At the same time, Merlin also plans to finish the refurbishment works it already started at the offices in Torre Glòries, in Barcelona, and in Torre Chamartín and the Plaza Ruiz Picasso building, located in Madrid.

Logistics is another segment on which the REIT intends to invest in the future. Its latest plan “Best III” will allocate around 390 million euro to developing new assets of this type.