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Merlin’s portfolio estimated at €12.375M
05 August 2019 | Vanessa Sousa

Merlin Properties closed the first semester with a Gross Asset Value (GAV) estimated at 12.375 million euro, which represents a 5.3% growth during the last year. The assets’ net value reaches €7.097 million (15.11 euro per share), a 7.5% increase during last year.

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The amount mentioned in Merlin’s latest biannual report is the result of the assessments carried out by CBRE, Savills and JLL.

During this period, Merlin reached a 265.2 million euro turnover, a 210.4 million euro EBITDA and 157.2 million euro in Funds From Operations (FFO).

The consolidated net profit compliant with the IFRS reaches 262 million euro, which is not comparable to the previous year due to the extra revenues resulting from the sale of Testa Residencial, assets’ revaluations and the value fluctuation of the financial instruments. Excluding the extra revenues, the net profit reaches 124.3 million euro, 22% above the first semester of 2018 (101.9 million euro). The portfolio’s occupancy rate is 92.9%.

In April, MERLIN concluded the refinancing of both its syndicated corporate loan and its Revolving Credit Facility (RCF) through a €1.550m sustainable financing, thus becoming the largest REIT of this type in Europe.

Merlin also signed a €67.9 million mortgage loan against 7 logistic assets. As a result, the debt’s average cost was reduced (2.04%) and the debt’s average maturity was extended (6 years), having closed the semester with a 41% Loan-to-Value (LTV).

 

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