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Merlin should enter the Portuguese Stock Exchange this year
21 May 2019 | Vanessa Sousa

Aiming for a continuous and prioritised investment in Portugal, Merlin Properties confirms its intention of being listed at the Lisbon Stock Exchange this year.

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In this way, the Spanish REIT should opt to be listed at both Stock Exchanges at the same time: Madrid and Lisbon. With this strategy, the company seeks not only to attract Portuguese investors but to gain access to Euronext, according to Spanish newspaper Expansión this Monday.

«We will probably opt for being listed at both Stock Exchanges, since to gather all our activities in one SIGI (Sociedade de Investimento e Gestão Imobiliária – Real Estate Investment and Management Society) [Portuguese equivalent of a REIT] seems rather complicated. We would like to do it this year, but we are not worried if we have to postpone it until next year», mentioned Merlin Properties’ CEO Ismael Clemente to the same newspaper.

This recent SIGI regime – which was approved on the 1st of February – «is similar to the first Socimi (Spanish REIT) regulation in 2009», stated the Spanish REIT’s CEO during the same interview. For the investor, this is «a well-intentioned measure, but it still requires an almost bilateral interpretation which doesn’t generate a great amount of legal confidence».

One of the four main axis of the company’s latest action plan is to make new acquisitions in Portugal. Future investments in the country, especially in the logistic sector, should follow a well defined criteria. On the short term, the company is not expecting to make large acquisitions, «unless there is a clear opportunity», assures Ismael Clemente.

The other three axis of the company’s action plan are to implement the latest technology on its assets; to upgrade some of its shopping centres and office buildings and to develop new logistic warehouses. To implement this plan alone, Merlin Properties expects to invest 1.000 million euro.

 

Photo: Joaquim Manços