september 2020 · 2020. 9. 3. · net rents 22.7 22.5 +0.7% ebitda 21.8 21.5 +1.3% ffo(1) 12.2 12.6...
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September 2020
COMPANY PRESENTATION
ı 2 ı
This presentation has been prepared by MERLÍN Properties, SOCIMI, S.A. (the Company) for informational use only.
The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and has not been verified by the Company or any other person. The information contained in this document is subject to change without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its employees, officers, directors, advisors, agents or affiliates expressly disclaims any and all liabilities whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation, the information contained or referred to therein, any errors therein or omissions therefrom or otherwise arising in connection with this presentation. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to therein.
Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Additionally, certain information in this presentation may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company’s auditors, whereas the information on certain competitors contained herein is based on publicly available information which has not been verified by the Company. Accordingly, recipients should not place undue reliance on this information.
This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient’s own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.
Neither this presentation nor any copy of it shall be taken, transmitted into, disclosed, diffused, send, published or distributed in the United States, Canada, Australia or Japan. The distribution of this
presentation in other jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. In particular, any offer that might result from the transaction herein escribed will not be made, directly or indirectly, in the United States of America, or by use of mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telephone and internet) of interstate or foreign commerce of, or any facilities of any national securities exchange of, the United States, Canada, Australia or Japan. The securities of the Company have not been and, should there be an offering, will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and, subject to certain exceptions, may not be offered or sold in the United States. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.
THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE
RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO SELL OR PURCHASE SHARES. ANY DECISION TO SELL OR PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION.
This presentation may include forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.
In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.
DISCLAIMER
Strategy
Positioning
Value Creation
Capital Structure
ESG & Technology
Covid-19
Appendix
Contents
ı 4 ı
History |
SIX INTENSE YEARS TO POSITION MERLIN AS THE LEADING SPANISH REIT AND AMONG THE TOP 10 EUROPEAN REITS
2014 2015 2016 2017 2018 2019 2020
May & July2015
€ 1.7bn Capitalincrease
Dec.2014
Refinancingof Tree debt€ 940M
Acquisition of Tree
portfolio (888 BBVAbranches)
€ 740M
July 2014
Contribution of 3 non-core retail assets€ 173m
Feb2020
Acquisitionof 12 assets€ 544M
2014
Acquisition ofMetrovacesa€ 1.7bn
June2016
Feb.2016
BBBS&Prating
Oct.2016
Baa 2Moody’srating
Feb.2018
BBBpositive outlook S&Prating
Dec.2018
Refinancing of Tree debt€ 717m
Dec.2016
Sale of hotelportfolio and 10 assets € 761M
Acquisition of 40 assets
€ 812M
2016
€ 1.3bnIPO
June2014
2017
Acquisitionof 11 assets€ 388M
2018
Acquisitionof 6 assets€ 570M
2019
Acquisitionof 3 assets in Portugal€ 125M
2017
Investment in refurbishment & development€ 109M
2018
Sale of Testa & non-core€ 594M
2 bondissuances€ 900M
2017
Acquisitionof 47 assetsand ZAL Port€ 331M
2015
Dec.2015
Inclusionin IBEX 35Index
Dec.2015
Refinancingof Testadebt€ 1.7bn
2 bondissuances€ 1.7bn
2016 Apr.2019
ESG Indexed financing€ 1.55bn
Jan. 2020
Listing in Euronext Lisbon
Jul. 2020
1 bond issuance€ 0.5bn
Nov.2019
1 bond issuance€ 0.5bn
Nov.2019
Sale of 26 non-core office building & other€ 281M
ı 5 ı
MERLIN today | Overview
Company 6M20 (1) Fully consolidated excluding assets where MERLIN holds a minority stake. (2) GAV of land under development and NAV of equity method included in its respective category (offices, shopping centers and logistics). Excluding DCN loan(3) Passing rent(4) Includes 3 hotels, non-core land and miscellaneous(5) Pro-forma post bond issuance and repurchase
LARGEST AND MOST DIVERSIFIED SPANISH REIT
Fast facts
ASSETS(1)
920
OCCUPANCY RATE94%
GAV€ 12.8bn
GRI€ 496m
GROSS YIELD4.4%
GLA OWNED(1)
4.3m sqm
WAULT5.7 years
Portfolio breakdown
51%
18%
10% 6%
47% 18%
11%
2%
by GRI(3)
by GAV(2)15%
22%
Logistics Other(4)
Capital structure
EPRA NAV PER SHARE€ 7.4bn / € 15.68
LTV40.1%
AV. MATURITY6.5 years(5)
STANDARD & POOR’SBBB
AV. INTEREST RATE2.07%(5)
MOODY’SBaa2
Offices Shopping Centers Net leases
Strategy
ı 7 ı
Strategy | Strategy pillars
A CLEARLY DEFINED STRATEGY INSPIRED BY THE BEST REIT PRACTICES
Core & Core Plus Spain & Portugal
Investment grade capital structure
Dividend policy: 80% of AFFO
One of the world’s
most cost efficient
REIT’s
Best governance
practices
Breadth of prime space Madrid, Barcelona and Lisbon
Urban or Dominant National scale
Offices
50%Shopping Centers
15%
National footprint “One-stop shop” solution for 3PL
Logistics
20%High triple net cash flow
Inflation multiplier
Net leases
15%
ı 8 ı
Strategy | Asset categories evolution (by GAV)(1)
LOGISTICS, THE FASTEST GROWING ASSET CATEGORY SINCE 2014
2014 2018 2020
Otros
Residencial en alquiler
Hoteles
High Street Retail
Logístico
Centros comerciales
O�cinas
69%14%
12%5%
51%
18%
15%
6%
(1)
50%16%
9%4%
21%
Otros
Residencial en alquiler
Hoteles
High Street Retail
Logístico
Centros comerciales
O�cinas
(1)
10%
Offices Net leases Shopping centers Logistics Other
(1) Other includes hotels, non core land, minority stakes and miscellaneous
ı 9 ı
Key metrics
GRI (€m) 20.8(1) 24.0
% GRI / MERLIN asset class portfolio 9.0% 21.7%
GLA (sqm) 118,067 60,098
% GLA / MRL asset class portfolio 9.3% 11.4%
Occupancy rate (operating) 100% 99.3%
Strategy | Exposure to Portugal
Almada60,098 sqm
Offices
Monumental22,387 sqm
Lisboa Expo6,740 sqm
Marqués Pombal 312,461 sqm
Torre Lisboa13,715 sqm
Nestlé HQ12,260 sqm
Central Office10,310 sqm
Art22,150 sqm
Torre Zen10,207 sqm
TFM7,837 sqm
Logistics
Lisbon Park224,864 sqm
Shopping centers
Exposure to Portugal
GRI (€m)
44.8% GRI / MERLIN portfolio
9.0%Occupancy rate
100%
PORTUGAL HAS GAINED RELATIVE WEIGHT IN MERLIN’S PORTFOLIO
(1) Monumental has been vacated for the refurbishment
Positioning
ı 11 ı
Positioning | Fast facts
#1 REIT IN OFFICES, LOGISTICS AND NET LEASES
(1) 6M20(2) Data for Minority Stakes is reported for 100% of the subsidiary(3) Pre canon. GRI based on passing rent
MINORITY STAKES(2)
#1 Offices
• Flexibility to offer multitenant or headquarter buildings
• Capacity to adapt to the needs of the tenant
124 ASSETS
1,323 K SQM
€ 6.3 BN GAV
€ 231 M GRI
FULLY CONSOLIDATED(1)
#1 Net leases
• Excellent conditions of BBVA lease agreement: triple net lease with 1.5x HICP annual uplift
697 ASSETS
351 K SQM
€ 1.8 BN GAV
€ 87 M GRII
• “One-stop-shop” solution for logistics operators wishing to operate across Spain
• Big footprint to match the rapid development of 3PL activity
ZAL PORT 48.5%51 ASSETS
625 K SQM
(+103K SQM WIP)
€ 60 M GRI(3)
(+€ 8 M GRI WIP)(3)
50 ASSETS
1,181 K SQM
€ 1.0 BN GAV
€ 56 M GRI
Existing WIP
11 PROJECTS
977 K SQM
€ 0.6 BN GAV
€ 45 M GRI
#1 Logistics
#4 Shopping
Centers
• Mainly urban footprint in high GDP/capita areas in Spain
• Reference landlord for top retailers
• Critical mass with retail brands
TRES AGUAS 50%1 ASSET
68 K SQM
€ 9 M GRI
14 ASSETS
461 K SQM
€ 2.3 BN GAV
€ 111 M GRI
ı 12 ı
Positioning | Offices overview
• Barcelona 16%
• Lisbon 8%
• Other Spain 1%
• Madrid 75% • Prime + CBD 53%
• NBA 38%
• Periphery 9%
• Multi tenant 68%
• Single tenant 32%
Otros
Lisbon
Barcelona
�Madrid
Reversion in MVC assetsBreakdown
PRIME SPACES IN BOTH CBD AND NBA OFFERING A WIDE VARIETY OF SOLUTIONS TO CLIENTS
Top 10 tenants
Fast facts
# ASSETS 124
GLA (sqm) 1,323 k
GAV (€ M)
231
GROSS YIELD 4.0%
OCCUPANCY 91%
6,334(1)
GRI (€ M)
971K MAD212K BCN118K LISBON
By geography
By GAV
By location
By GAV
By product
By GAV
(1) Excluding office land for development
ı 13 ı
Positioning | Shopping Centers overview
• Extra-large 33%
• Large 32%
• Medium 21%
• Small 14%
• Madrid 25%
• Lisbon 20%
• Galicia 13%
• Catalonia 10%
• Valencia 10%
• Andalusia 7%
• Other Spain 15%
• Urban 59%
• Dominant 37%
• Secondary 4%
Other
Andalusia
Valencia
Galicia
Catalonia
Madrid
Lisbon
(1) 100% of Tres Aguas of which MERLIN owns 50%(2) As per the definition of AECC (Spanish Shopping Center Association)(3) Before Covid-19 outbreak
Reversion in MVC assetsFast facts Breakdown
Top 10 tenants
URBAN AND DOMINANT ASSETS OFFERING NATIONAL SCALE IN HIGH GDP/CAPITA AREAS
# ASSETS 14 1
GLA (sqm) 461 k 68 k
GAV (€ M) 2,274
GROSS YIELD 4.7%
Fully Consol.
Tres Aguas (1)
OCCUPANCY 94%
ANNUAL FOOTFALL 103 m pax(3)
GRI (€ M) 113 9
By geography
By GAV
By type
By GAV
By size(2)
By GAV
ı 14 ı
Positioning | Logistics overview
• 3PL mono-client 43%
• 3PL multi-client 37%
• End user 20%
• Madrid 58%
• Catalonia 26%
• Sevilla 5%
• Basque Country 5%
• Other Spain 6%
• National 40%
• Ports 30%
• Regional 27%
• Production related 3%
Other Spain
Basque country
Seville
Barcelona
�Madrid
Reversion in MVC assetsFast facts Breakdown
Top 10 tenants
(1) Figures reported for 100% of ZAL Port(2) Passing rent as of 30/06/20, pre ground lease expenses(3) Total expected gross rents. GAV includes acquisition cost plus estimated Capex
NATIONAL FOOTPRINT IN MAIN LOGISTICS HUBS
Existing WIP
# ASSETS 50 49 11
GLA (Sqm) 1,181 k 625 k 977 k
GAV (€ m) 972 560
GRI (€ m) 56 60(2) 45(3)
GROSS YIELD 5.8%
ZAL Port(1)
OCCUPANCY 97% n.a.
By reach By tenant type
By geography
By GAV
Consolidated ZAL Port(1)Consolidated
2
103 k
8
100%97%
7.8%
+2.9m sqm under management+2.9m sqm under management
• 3PL mono-client 43%
• 3PL multi-client 37%
• End user 20%
• Madrid 58%
• Catalonia 26%
• Sevilla 5%
• Basque Country 5%
• Other Spain 6%
• National 40%
• Ports 30%
• Regional 27%
• Production related 3%
Other Spain
Basque country
Seville
Barcelona
�Madrid
• 3PL mono-client 43%
• 3PL multi-client 37%
• End user 20%
• Madrid 58%
• Catalonia 26%
• Sevilla 5%
• Basque Country 5%
• Other Spain 6%
• National 40%
• Ports 30%
• Regional 27%
• Production related 3%
Other Spain
Basque country
Seville
Barcelona
�Madrid
• 3PL mono-client 43%
• 3PL multi-client 37%
• End user 20%
• Madrid 58%
• Catalonia 26%
• Sevilla 5%
• Basque Country 5%
• Other Spain 6%
• National 40%
• Ports 30%
• Regional 27%
• Production related 3%
Other Spain
Basque country
Seville
Barcelona
�Madrid
By GAV
• 3PL mono-client 43%
• 3PL multi-client 37%
• End user 20%
• Madrid 58%
• Catalonia 26%
• Sevilla 5%
• Basque Country 5%
• Other Spain 6%
• National 40%
• Ports 30%
• Regional 27%
• Production related 3%
Other Spain
Basque country
Seville
Barcelona
�Madrid
• 3PL mono-client 43%
• 3PL multi-client 37%
• End user 20%
• Madrid 58%
• Catalonia 26%
• Sevilla 5%
• Basque Country 5%
• Other Spain 6%
• National 40%
• Ports 30%
• Regional 27%
• Production related 3%
Other Spain
Basque country
Seville
Barcelona
�Madrid
By GAV
ı 15 ı
Positioning | GAV summary 6M20
Passingyield
Reversionary yield
Offi
ces
4.9%
6,334
4.0%S
ho
pp
ing
cen
ters
5.6%
2,274
4.9%
Oth
er(1
)
763
-
TO
TA
L
12,193
4.4%
Min
ori
ty s
takes
562
TO
TA
L w
ith
min
ori
ty s
takes
12,755
GAV(€ million)
Net
Lease
s
4.7%
1,849
4.7%
Lo
gis
tics
5.8%
6.4%
972
Source: Company(1) Other includes WIP, hotels, non-core land and miscellaneous
VALUATION REMAINS FLAT (+0.2%) AS COMPARED TO DECEMBER 2019
ı 16 ı
Positioning | Occupancy and WAULT 6M20
3.2
91%
Offices
17.9
100%
Net leases
2.7
94%
Shopping centers
3.8
97%
Logistics
95% AVERAGE
OCCUPANCY
5.7 years AVERAGEWAULT
ONLY 12% OF RENTS EXPIRE IN 2021
ı 17 ı
Positioning | Trading update 6M20
VERY GOOD PERFORMANCE ACROSS THE BOARD
(1) Portfolio in operation for the 6M20 (€ 246.7m of GRI) and for the 6M19 (€ 240.3m of GRI)(2) LTM Change in rent in renewals and relets(3) LTM
Rent LfL YoY(1)
sqm contracted
Release spread(2) #contracts(3)
Office +4.0% 137,266 +2.7% 156
Shopping Centres +2.8% 18,112 +4.0% 100
Net leases +1.2% - - -
Logistics +2.9% 60,885 +6.7% 7
Other (12.5%) - - -
TOTAL +2.7% 216,263 263
Value creation
ı 19 ı
Value creation | Potential rental growth (2019-2022)
417.265.5 23.8108.6 34.8Pending Capex as of 6M20
€ 232.7m priority 1
525.9
GRIFY19
(26.3)
Non-core disposals
499.7
GRI FY19Post sales
25.2
Landmark
8.6
Flagship
13.2
Best II
5.6
Best III
552.3
FY22
45.2
Value creation plans
post FY22
Reversionary potential pre-Covid
59.0€ 39.2m priority 1
Prudent approach:
• No value creation plans postponed due to Covid-19 (priorities 2-5)
• No market rental growth assumed
• No CPI or indexation
(€m)
ı 20 ı
PRE-LET 10
0%
PRE-LET 9
5%
PRE-LET 8
2%
PRE-LET 2
8%
TorreCharmartín
Torre Glòries
Marqués de Pombal 3
Diagonal 605
Castellana 85
MonumentalPlaza Ruiz
PicassoAdequa
4Adequa
7
GLA (sqm) 18,295 37,614 12,460 13,244 15,254 22,387 31,576 15,793 32,109
Acquisition (€m) 31.2 142.0 - - - - - 28.2 64.5
Capex (€m) 38.0 26.7 1.6 8.7 32.1 34.8 50.3 16.8 61.5
Rent (€m) 4.3 11.8 0.2 1.3 2.6 3.3 6.3 3.6 8.3
Yield on Cost 6.2% 7.0% 9.4% 15.5% 8.1% 9.4% 12.6% 7.9% 6.6%
Delivery 2019 2019 2020 2020 2021 2021 2022 - -
Value creation | Landmark I - Update
Total Acquisition
€ 266.0mTotal Capex
€ 270.5mYield on Cost
7.8%Total investment
€ 536.4m
LET 10
0%
Total Additional Rents
€ 41.7m
DELI
VERED
DELI
VERED
ı 21 ı
Value creation | Landmark I
GLA 16,471 sqm(1)
Total Capex € 33.0mYield on cost 8.3%Delivery 1Q21
GLA 25,385 sqm(1)
Total Capex € 34.8mYield on cost 9.4%Delivery 1Q21
• Full refurbishment of the asset, located in the heart of Azca, the best business area in Madrid Prime CBD
• 12,789 sqm signed post Covid-19 outbreak (+ 1,842 sqm optioned)
• C85 will become the HQ of both a top-tier consulting firm and a construction company
Castellana 85 Monumental
• Full refurbishment of the building, located in Duque de Saldanha, one of the most emblematic squares in the city and the core of Lisbon’s Prime CBD area
• 10-year term lease agreement with BPI comprising 19,425 sqm, to become their main HQ in Lisbon
CONFIDENTIAL
(1) Post refurbishment
ı 22 ı
Value creation | Flagship - update
(1) Only including MRL 50%
LariosArturo Soria
PlazaX-Madrid Tres Aguas(1) Saler Porto Pi Callao 5
GLA (sqm) 41,460 7,054 47,170 67,690 47,471 58,779 11,629
GLA MERLIN (sqm)
37,957 6,069 47,170 33,845 28,861 32,963 11,629
Capex (€m) Works: 27.5
Ad. GLA: 19.95.4
Works: 46.4 Investment: 10.5
12.1(1) Works: 24.0 Ad. GLA: 12.0
Works: 26.6 Ad. GLA: 15.2
20.5
Rent (€m) 3.1 0.6 5.2 1.4(1) 1.9 1.7 3.9
Yield on Cost 6.6% 11.3% 9.1% 11.2% 5.2% 4.2% 18.9%
Delivery 2019 2019 2019 2019 2021 2021 -
DELI
VERED
DELI
VERED
DELI
VERED
DELI
VERED
∆ GLA + X-Mad inv.
€ 57.5mTotal Capex
€ 162.6m Total Additional Rents
€ 17.7m Yield on Cost
8.1% Total investment
€ 220.1m
ı 23 ı
Value creation | Flagship
GLA 28,834 sqm (inc. additional GLA)Cost € 36.0m (inc. units acquired)Yield on cost 5.2%
GLA 32,732 sqm (inc. additional GLA)Cost € 41.8m (inc. units acquired)Yield on cost 4.2%
• The refurbishment will consolidate Saler, facing the City of Arts and Sciences, as the leading urban mall in Valencia
• Anchor tenants upsizing and upscaling units
• Full refurbishment of the shopping center
• The asset will contain outstanding exterior terraces overlooking the Mediterranean sea
• The future additional space (2,400 sqm) is fully let
Saler Porto Pi
ı 24 ı
Value creation | Best II - Update
Madrid Pinto II B(1)
Guadalajara Cabanillas III
Toledo Seseña
Guadalajara Cabanillas F
Madrid San Fernando II
Guadalajara Cabanillas
Park I extension
Guadalajara Azuqueca II
Guadalajara Cabanillas
Park II
Guadalajara Azuqueca III
GLA (sqm) 29,473 21,879 28,731 20,723 34,224 92,994 98,757 210,678 51,000
Capex (€m) 13.7 11.8 15.5 10.8 21.7 56.0 54.7 114.2 30.1
ERV (€m) 1.2 0.9 1.2 0.9 1.9 3.8 4.4 9.2 2.3
ERV YoC 8.6% 7.8% 7.7% 7.9% 8.9% 6.8% 8.1% 8.1% 7.7%
Delivery 2019 2019 2019 2019 2020 2020/- 2021 2021/- -
PRE-LET 6
7%
PRE-LET 10
0%
LET 7
5%
LET 10
0%(1)
LET 10
0%
LET 10
0%
Total investment
€ 328.4m GLA
588k sqm Total Additional Rents
€ 25.9m
(1) To cover the increase in demand as a result of Covid-19
Yield on Cost
7.9%
ı 25 ı
Value creation | Best IIIValue creation | Best III - Update
Valencia Ribarroja
Zaragoza Plaza II
Sevilla(1) ZAL WIP
Lisbon Park
Madrid San Fernando III
Valencia
GLA (sqm) 34,992 11,421 42,632 224,864 98,942 96,572
Capex (€m) 26.3 7.1 24.4 147.6 54.9 56.2
ERV (€m) 1.9 0.5 2.0 10.5 5.1 4.4
ERV YoC 7.2% 7.2% 8.4% 7.1% 9.3% 7.8%
Delivery 2019 2020 2019/2020 2020/- - -
PRE-LET 10
0%
PRE-LET 10
0%
LET 100%
(1) 8,798 sqm already delivered to Amazon
Total investment
€ 317m GLA
509k sqm Total Additional Rents
€ 24.5m Yield on Cost
7.7%
ı 26 ı
Value creation | Best II & III
• Phased project located in Seville’s Port area
• 3 warehouses totalling 27,248 sqm have already been delivered
Sevilla ZAL WIP
• Turn key project in the most dynamic hub of Zaragoza
• 100% let to Dachser upon delivery (September 2020)
• The project, currently under construction, will be delivered by 3Q20
• 67% pre-let to Grupo Damm
GLA 42,632 sqmCost € 2.0mYield on cost 8.4%
GLA 11,421 sqmCost € 0.5mYield on cost 7.1%
GLA 34,224 sqmCost € 1.9mYield on cost 8.9%
Zaragoza Plaza II Madrid San Fernando II
ı 27 ı
Value creation | ZAL Port
280,944
FY19 98.9%
(0.8%)
6M20 96.8%
36
Stock 624,716
WIP 102,965
Stock incl. WIP 727,681
Third parties stock 183,252
Stock under management 910,933
Contracted sqm
Occupancy by area
Release spread #contracts Tenants
(-210 bps)
€m 6M20 6M19 YoY
Gross rents 26.7 22.9 +16.4%
Net rents 22.7 22.5 +0.7%
EBITDA 21.8 21.5 +1.3%
FFO(1) 12.2 12.6 (2.6%)
(1) After deducting leasehold concession charge FFO. Affected by free rent attached to the recently delivered units
155,345 sqm delivered in 2020
GRI € 13.4m
Capital structure
ı 29 ı
Value creation | Policy
INVESTMENT GRADE BBB RATING BY S&P AND Baa2 RATING BY MOODY’S
Maturity schedule
• 5-10 years
• Staggered
Leverage• LTV below 50%
• Target to reach LTV<40%
Unsecured• Unsecured debt above
50% of total debt
• Unencumbered assets/unencumbered debt above 125%
Fixed vs floating
• Below 40% floating
ı 30 ı(1) PF after the €500m - 7yr bond issue, which includes the partial Bond repayment, the RCF repayment and the repayment of Retail mortgage debt(2) Excluding transfer costs. If included, LTV would amount to 39.2%
Value creation | Debt position
AVERAGE MATURITY NOW AT 6.5 YEARS, WITH NO FLOATING RATE RISK
30/06/2020 PF(1) 30/06/2020 31/12/2019
Net debt € 5,167m € 5,153 m € 5,182 m
LTV 40.5% 40.4%(2) 40.6%
Average interest rate 2.07% 1.97% 2.09%
Average maturity (years) 6.5 6.0 6.4
Unsecured debt/Total debt 86.6% 85.2% 82.7%
Fixed rate debt 99.8% 88.9% 99.5%
Rating
BBBBaa2
Outlook
StableNegative
ı 31 ı
Capital structure | Debt position(€
mill
ion
)
% Gross financial debt
Average cost (%)
% interest rate hedged
13.4%
2.54%
Secured bank loans
100.1%
770
5,167
Total Net Debt
(569)
Cash
15.2%
1.57%
98.8%
Unsecured loans
874
71.3%
2.08%
100.0%
Unsecured bonds
4,091
100.0%
2.07%
99.8%
5,735
Total Gross Debt
Figures pro-forma post the liability management actions carried out in July 2020 (€500m bond issuance, €259m bond repurchase, early repay of mortgage loans expiring in 2025 and €700m RCF repayment)
ı 32 ı
Capital structure | Debt maturity profile
RECENT DEBT MANAGEMENT INITIATIVES TO EXTEND MATURITY PROFILE(€
mill
ion
)
12 19 88
23
2020
6
548
2022
560
743
2023
754
600
2025
619
800
2026
888
2021
10
1,400
2027-2034
2,036
613
12121051
850
2024
862
Total Debt amount: €5,735m
Unsecured debt (incl. RCF) Bonds Mortgage debt
(€ million)
1219
88
23
20
20
6
54
8
20
22
56
0
74
3
20
23
75
4
60
0
20
25
619
80
0
20
26
88
8
20
21
10
1,40
0
20
27-2
03
4
2,0
36
613
1212
105 1
85
0
20
24
86
2
Tota
l Deb
tam
ou
nt:
€5
,73
5m
Unse
cure
d d
eb
t (incl. R
CF
) B
ond
s M
ortg
age d
eb
t
No debt maturities until May 2022
ı 33 ı
Capital structure | Debt covenants
AMPLE HEADROOM TO SAFELY COMPLY WITH ALL FINANCIAL COVENANTS
Covenant Required MERLIN Today
LTV <60% 40.4%
ICR >2.5x 3.7x
Unencumbered >125% 190.8%
ESG & Technology
ı 35 ı
REMARKABLE PROGRESS IN ESG
ESG & Technology | ESG achievements
(1) Excluding WIPs and Portugal
CertificationsESG Benchmarks
Wiredscore kicks-off in Europe with MERLIN
Efficiency
ConnectivityQuality
>850k sqm certified
Accesibility
Shopping centers
100%(1)
Logistics
Target
Actual
Shopping centers
100%
Offices
99% 97%
78% 77% 86%
European average
71%
MERLIN
82%
Global average
72%
Our peers
62%
MERLIN has obtained an excellent mark in the 2019 edition
Gold since 2017
ı 36 ı
ESG & Technology | Foundations and NGOs collaboration
Program
2019 development
0.1% of the yearly GRI to support our program
Promotion of the affordable education
€ 265,64319 foundations
€ 148,03047 foundations
Direct contribution• Employee contribution
• Volunteering hours2x
ı 37 ı
ESG & Technology | Covid-19 Robots
MERLIN, ITS EMPLOYEES AND MANAGEMENT TEAM HAVE FUNDED THE ACQUISITION OF 8 ROBOTS (~ € 800,000)
• Opensource robots compatibles with kit tests of any provider and adaptable to any protocol
• Each robot is capable of processing up to 2,400 tests per day (~70,000 weekly)
• Reprogrammable to realize antibodies tests
Furniture Logistics Spain
Collaborating companies
Other sponsors
Logistics and freight Qualified personnelComputer equipment
ı 38 ı
ESG & Technology | Technology
MERLIN IS FOCUSING ITS TECHNOLOGY EFFORTS THROUGH 3 PILLARS
Mentoring Sponsoring
MERLIN teamed up with ISDI and Impact accelerator
The program allowed us to identify Proptech opportunities
Prized proptechs Portfolio companies
MERLIN has invested in Fifth Wall, a venture capital proptech fund
Tenant engagement App
User experience
Deployment in our portfolio
Sensorization Proptech challenge
Proptech Ecosystem
Digitalization
+
Covid-19
ı 40 ı
MERLIN CONCEIVED A COMMERCIAL POLICY IN 2 PHASES TO HELP ITS RETAIL TENANTS
Covid-19 | Commercial policy
Phase I Phase II
Enacted Since March 15th until the reopening Since the reopening until December 31st
Eligibility Tenants affected by the compulsory shutdown set forth in the state of alarm regulations which were up-to-date in their contractual obligations
Tenants affected by the compulsory shutdown or a severe operations limitation who were up-to-date in their contractual obligations
Policy
• 100% rent relief since March 15th (state of alarm) and up until the earliest of (i) end of compulsory shutdown, and (ii) July 31st
• Common service charges continue to be paid by tenants
• Tenants waive rights to take any future actions against MERLIN as a consequence of Covid-19
• Partial rent relief until year end (progressive from 60% in June to 10% in December)
• Tenants extend their contracts until 2022
• Tenants continue paying common service charges and waive any future actions against MERLIN
Implementation
Offices Shopping centers Offices Shopping centers
Eligible universe(1) 3% 89% Eligible universe(1) 4% 94%
Tenants that have accepted
100% >85%Tenants that have accepted
93% >92%
(1) As a % of annual gross rents of each category
ı 41 ı
Offices Shopping centers Logistics
• Urban 59%
• Dominant 37%
• Secondary 4%
Urban shopping centers
• Online commerce (3PLs) 90%
• Industry-related 10%
Online commerce exposure
• Big corporations 95%
• SMEs 5%• Headquarters 70%
• Delegations 30%
Delegations
Headquarters
SMEs
Big corporations
less
• Less vulnerable 89%
• Retail 5%
• Transportation 3%
• Leisure 1%
• Automotive 1%
• Tourism 1%
• 3rd party flex space operators <1%
HQ premises
• Big corporations 95%
• SMEs 5%• Headquarters 70%
• Delegations 30%
Delegations
Headquarters
SMEs
Big corporations
less
• Less vulnerable 89%
• Retail 5%
• Transportation 3%
• Leisure 1%
• Automotive 1%
• Tourism 1%
• 3rd party flex space operators <1%
Big corporations
Covid-19 | Tenant quality
MERLIN’S PORTFOLIO STANDS OUT BY ITS RESILIENCE THANKS TO THE TENANT PROFILE STRENGTH
• Listed public corporations 41%
• Larte private corporations 32%
• Other 27%
Resilient tenants
• Big corporations 95%
• SMEs 5%• Headquarters 70%
• Delegations 30%
Delegations
Headquarters
SMEs
Big corporations
less
• Less vulnerable 89%
• Retail 5%
• Transportation 3%
• Leisure 1%
• Automotive 1%
• Tourism 1%
• 3rd party flex space operators <1%
Less vulnerable industries
ı 42 ı
Covid-19 | Collection rate
A HIGH QUALITY TENANT BASE LEADS TO HIGH COLLECTION RATES POST-COVID
(1) We have excluded the retail component of offices which is residual for the asset category (~3%)
(as a % of total invoices due)
2Q 2020 Offices Shopping centers Net leases Logistics
Commercial policy 0%(1) 59.7% 0% 0%
Collected 99.2% 37.7% 100% 96.4%
In process 0% 0% 0% 2.7%
Uncollected 0.8% 2.6% 0% 0.9%
ı 43 ı
Covid-19 | Impact on business
NO CHANGE IN COVID-19 IMPACT FOR 2020 PREVIOUSLY QUANTIFIED. 2021 IMPACT MITIGATED BY LOW LEVEL OF MATURITIES AND DELIVERY OF NEW RENTS SECURED BY LANDMARK AND BEST II & III
Only 12% of rents mature in 2021
2020 incentives expensed, not straight-lined (no impact on 2021 P&L)
€ 20 million of incremental rents secured by new contracts already signed
Retail occupancy supported by commercial policy(1)
13% reversionary potential in offices as a buffer against market declines
Net leases as a “safe harbour”
Logistics to continue its growth pace
€ 66m
€ 4m
INCENTIVES
COLLECTION LOSS
€ 29m
€ 41mBOOKED IN 1H
€ 250m (€ 0.53 per share)NEW FFO GUIDANCE
EXPECTED FOR 2H
2020
2021
(1) Maturities extended beyond December 2021
Appendix
ı 45 ı
Offices | Madrid
ı 46 ı
Offices | Madrid (I)
City: Madrid
Location: Prime+CBD
GLA: 11,650 sqm
4. Castellana, 93 (Cadagua)
City: Madrid
Location: Prime+CBD
GLA: 16,918 sqm
2. Castellana, 280
City: Madrid
Location: Prime+CBD
GLA: 14,468 sqm
3. Castellana, 278
City: Madrid
Location: Prime+CBD
GLA: 21,390 sqm
1. Torre Castellana, 259
City: Madrid
Location: Prime+CBD
GLA: 31,576 sqm
6. Plaza Pablo Ruíz Picasso (Sollube)
City: Madrid
Location: Prime+CBD
GLA: 9,945 sqm
9. Alfonso XI, 6
City: Madrid
Location: Prime+CBD
GLA: 9,315 sqm
7. Alcalá, 40
City: Madrid
Location: Prime+CBD
GLA: 6,721 sqm
10. Pedro de Valdivia, 10
City: Madrid
Location: Prime+CBD
GLA: 10,732 sqm
8. Príncipe de Vergara, 187
City: Madrid
Location: Prime+CBD
GLA: 17,055 sqm
11. Beatriz de Bobadilla, 14
City: Madrid
Location: Prime+CBD
GLA: 17,810 sqm (office) + 13,528 sqm (retail)
12. Princesa, 3
City: Madrid
Location: Prime+CBD
GLA: 15,254 sqm
5. Castellana, 85
ı 47 ı
Offices | Madrid (II)
City: Madrid
Location: Prime+CBD
GLA: 5,693 sqm
13. Princesa, 5
City: Madrid
Location: Prime+CBD
GLA: 28,008 sqm
15. Juan Esplandiú, 11-13
City: Madrid
Location: NBA
GLA: 9,576 sqm
19. Ulises, 16-18
City: Madrid
Location: Prime+CBD
GLA: 10,071 sqm
14. Ventura Rodríguez, 7
City: Madrid
Location: Prime+CBD
GLA: 7,301 sqm
16. Eucalipto, 33
City: Madrid
Location: NBA
GLA: 19,893 sqm
20. Josefa Valcárcel, 48
City: Madrid
Location: Prime+CBD
GLA: 7,368 sqm
17. Eucalipto, 25
City: Madrid
Location: NBA
GLA: 13,130 sqm
18. Santiago de Compostela, 94
City: Madrid
Location: NBA
GLA: 32,928 sqm
21. Alvento
City: Madrid
Location: NBA
GLA: 11,712 sqm
22. Cristalia
City: Madrid
Location: NBA
GLA: 18,400 sqm
23. Trianón
City: Madrid
Location: NBA
GLA: 39,150 sqm
24. Ribera del Loira, 36-50
ı 48 ı
Offices | Madrid (III)
City: Madrid
Location: NBA
GLA: 54,960 sqm
25. Ribera del Loira, 60
City: Madrid
Location: NBA
GLA: 19,609 sqm
26. Partenón, 12-14
City: Madrid
Location: NBA
GLA: 18,343 sqm
27. Partenón, 16-18
City: Madrid
Location: NBA
GLA: 3,226 sqm
28. Arturo Soria, 128
City: Madrid
Location: NBA
GLA: 18,925 sqm
29. Torre Chamartin
City: Madrid
Location: NBA
GLA: 6,615 sqm
30. Arturo Soria, 343
City: Madrid
Location: NBA
GLA: 7,515 sqm
31. Manoteras, 18
City: Madrid
Location: NBA
GLA: 122,526 sqm(1)
33. Adequa
City: Madrid
Location: NBA
GLA: 4,482 sqm
32. Fuente de la Mora, 9
City: Madrid
Location: NBA
GLA: 10,685 sqm
34. Aquamarina
City: Madrid
Location: NBA
GLA: 37,224 sqm
35. Vía Norte
City: Madrid
Location: NBA
GLA: 17,191 sqm
36. María de Portugal, 9-13
(1) GLA includes WIP projects in Adequa complex. If excluded, GLA would be 74,624 sqm
ı 49 ı
Offices | Madrid (IV)
City: Madrid
Location: NBA
GLA: 33,718 sqm
41. Av. de Bruselas, 33
City: Madrid
Location: NBA
GLA: 25,211 sqm
44. Av. de Europa, 1
City: Madrid
Location: Periphery
GLA: 10,896 sqm
45. Francisca Delgado, 9
City: Madrid
Location: NBA
GLA: 27,073 sqm
37. Las Tablas
City: Madrid
Location: NBA
GLA: 6,176 sqm
39. Av. de Burgos, 210
City: Madrid
Location: NBA
GLA: 3,623 sqm
40. Manuel Pombo Angulo, 20
City: Madrid
Location: NBA
GLA: 17,139 sqm
38. María de Portugal I
City: Madrid
Location: NBA
GLA: 9,163 sqm
42. Av. de Bruselas, 24
City: Madrid
Location: NBA
GLA: 8,895 sqm
43. Av. de Bruselas, 26
City: Madrid
Location: Periphery
GLA: 36,105 sqm
46. Cerro Gamos, 1
City: Madrid
Location: Periphery
GLA: 36,365 sqm
47. Ática, 1-6
City: Madrid
Location: Periphery
GLA: 15,411 sqm
48. Ática XIX
ı 50 ı
Offices | Madrid (V)
City: Madrid
Location: Periphery
GLA: 23,567 sqm
49. Alvia
ı 51 ı
Offices | Barcelona
ı 52 ı
Offices | Barcelona (I)
City: Barcelona
Location: Prime+CBD
GLA: 13,773 sqm
5. Diagonal, 605
City: Barcelona
Location: Prime+CBD
GLA: 9,664 sqm
4. Diagonal, 514
City: Barcelona
Location: Prime+CBD
GLA: 6,187 sqm
10. Balmes, 236-238
City: Barcelona
Location: Prime+CBD
GLA: 4,174 sqm
3. Diagonal, 458
City: Barcelona
Location: Prime+CBD
GLA: 16,494 sqm
8. Vilanova, 12-14
City: Barcelona
Location: NBA
GLA: 14,461 sqm
12. WTC 6
City: Barcelona
Location: Prime+CBD
GLA: 5,934 sqm
2. Diagonal, 199
City: Barcelona
Location: Prime+CBD
GLA: 37,614 sqm
1. Diagonal, 211 (Torre Glòries)
City: Barcelona
Location: Prime+CBD
GLA: 31,337 sqm
6. Llull, 283 (Poblenou 22@)
City: Barcelona
Location: Prime+CBD
GLA: 5,190 sqm
11. Gran Vía Cortes Catalanas, 385
City: Barcelona
Location: Prime+CBD
GLA: 12,018 sqm
7. Pere IV
City: Barcelona
Location: Prime+CBD
GLA: 3,048 sqm
9. Plaza Cataluña 9
ı 53 ı
Offices | Barcelona (II)
City: Barcelona
Location: NBA
GLA: 10,652 sqm
15. Av. Parc Logistic, 22-26 (PLZFB)
City: Barcelona
Location: NBA
GLA: 14,597 sqm
13. WTC 8
City: Barcelona
Location: NBA
GLA: 11,411 sqm
14. Av. Parc Logistic, 12-20 (PLZFA)
City: Barcelona
Location: Periphery
GLA: 10,008 sqm
17. Sant Cugat II
City: Barcelona
Location: Periphery
GLA: 15,377 sqm
16. Sant Cugat I
ı 54 ı
Offices | Lisbon
ı 55 ı
Offices | Lisbon
City: Lisbon
Location: Prime+CBD
GLA: 6,740 sqm
3. Lisboa Expo
City: Lisbon
Location: Prime+CBD
GLA: 16,892 sqm
1. Monumental
City: Lisbon
Location: Prime+CBD
GLA: 7,837 sqm
7. TFM
City: Lisbon
Location: NBA
GLA: 12,260 sqm
9. Nestlé HQ
City: Lisbon
Location: Prime+CBD
GLA: 12,460 sqm
2. Marqués de Pombal, 3
City: Lisbon
Location: Prime+CBD
GLA: 13,715 sqm
8. Torre Lisboa
City: Lisbon
Location: Prime+CBD
GLA: 22,150 sqm
6. Art
City: Lisbon
Location: Prime+CBD
GLA: 10,207 sqm
5. Torre Zen
City: Lisbon
Location: Prime+CBD
GLA: 10,310 sqm
4. Central Office
ı 56 ı
Shopping Centers | Spain & Portugal
ı 57 ı
Shopping Centers | Spain & Portugal (I)
City: A Coruña
GLA: 176,000 sqm
MRL GLA: 100,242 sqm
1. Marineda
(1) MERLIN owns 50%
City: Madrid
GLA: 7,054 sqm
MRL GLA: 6,069 sqm
5. Arturo Soria
City: Madrid
GLA: 33,000 sqm
MRL GLA: 10,876 sqm
6. Centro Oeste
City: Bilbao
GLA: 43,705 sqm
MRL GLA: 25,922 sqm
12. Artea
City: Mallorca
GLA: 58,779 sqm
MRL GLA: 32,963 sqm
11. Porto Pi
City: Barcelona
GLA: 31,905 sqm
8. Arenas
Location: Madrid
GLA: 11,629 sqm
4. Callao, 5
City: Lisbon
GLA: 78,864 sqm
MRL GLA: 60,098 sqm
2. Almada
City: Madrid
GLA: 67,690 sqm(1)
3. Tres Aguas
City: Madrid
GLA: 47,105 sqm
7. X-Madrid
citywave®
iadr dM
City: Malaga
GLA: 41,595 sqm
MRL GLA: 37,957 sqm
9. Larios
City: Valencia
GLA: 47,853 sqm
MRL GLA: 28,861 sqm
10. El Saler
ı 58 ı
Shopping Centers | Spain & Portugal (II)
City: Gandía
GLA: 23,383 sqm
MRL GLA: 20,878 sqm
13. La Vital
City: Barcelona
GLA: 32,191 sqm
14. Vilamarina
City: Valencia
GLA: 14,455 sqm
15. Factory Bonaire
ı 59 ı
Net leases |
Branches
Supermarkets
ı 60 ı
Net leases |
Location: Spain
GLA: 286,433 sqm
UNITS: 664
Branches
Location: Cataluña
GLA: 64,252 sqm
UNITS: 33
Supermarkets
ı 61 ı
Logistics | Location of main hubs (Madrid)
Name GLA (sqm)
1 Madrid - Coslada 28,491
2 Madrid - Coslada Complex 36,234
3 Madrid - San Fernando II 33,423
4 Madrid - San Fernando I 11,179
5 Madrid - Meco I 35,285
6 Madrid - Meco II 59,814
7 Guadalajara - Azuqueca I 27,995
8 Guadalajara - Azuqueca III 51,000
9 Guadalajara - Azuqueca II 98,757
10 Guadalajara - Alovera 38,763
11Guadalajara - Cabanillas Park II
210,678
12 Guadalajara -Cabanillas I 70,134
13Guadalajara - Cabanillas Park I
315,841
14 Guadalajara - Cabanillas III 21,879
15 Guadalajara - Cabanillas II 15,078
16 Madrid - Getafe 16,100
17 Madrid - Getafe (Los Olivos) 11,488
18Madrid - Getafe (Gavilanes)
39,588
19 Madrid - Pinto I & II 70,089
20 Toledo - Seseña 28,731
ı 62 ı
Logistics | Madrid (I)
City: Guadalajara
GLA: 27,995 sqm
7. Guadalajara – Azuqueca I
City: Madrid
GLA: 28,491 sqm
1. Madrid – Coslada
City: Madrid
GLA: 36,234 sqm
2. Madrid – Coslada Complex
City: Madrid
GLA: 35,285 sqm
5. Madrid – Meco I
City: Madrid
GLA: 59,814 sqm
6. Madrid – Meco II
City: Madrid
GLA: 11,179 sqm
4. Madrid-San Fernando I
City: Madrid
GLA: 33,423 sqm
3. Madrid-San Fernando II*
City: Guadalajara
GLA: 38,763 sqm
10. Guadalajara – Alovera
City: Guadalajara
GLA: 51,000 sqm
8. Guadalajara – Azuqueca III*
City: Guadalajara
GLA: 98,757 sqm
Madrid
Barcelona
Azuqueca Plot
9. Guadalajara – Azuqueca II*
City: Guadalajara
GLA: 210,678 sqm
11. Guadalajara – Cabanillas Park II*
City: Guadalajara
GLA: 70,134 sqm
12. Guadalajara – Cabanillas I
*Project under development or extension
ı 63 ı
Logistics | Madrid (II)
City: Guadalajara
GLA: 315,841 sqm
13. Guadalajara – Cabanillas Park I*
City: Guadalajara
GLA: 21,879 sqm
14. Guadalajara – Cabanillas III
City: Toledo
GLA: 28,731 sqm
20. Toledo - Seseña
City: Guadalajara
GLA: 15,078 sqm
15. Guadalajara – Cabanillas II
City: Madrid
GLA: 16,100 sqm
16. Madrid-Getafe
City: Madrid
GLA: 11,488 sqm
17. Madrid - Getafe (Los Olivos)
City: Madrid
GLA: 70,089 sqm
19. Madrid – Pinto I & II
City: Madrid
GLA: 39,588 sqm
18. Madrid – Getafe (Gavilanes)
*Project under development or extension
ı 64 ı
Logistics | Location and access in main hubs (Barcelona)
Stock Name GLA (sqm)
1 Barcelona - ZAL Port 727,508
2 Barcelona - Sant Esteve 16,811
3 Barcelona - PLZF 132,796
ı 65 ı
Logistics | Barcelona
City: Barcelona
GLA: 727,681 sqm
1. Barcelona - ZAL Port*
City: Barcelona
GLA: 16,811 sqm
2. Barcelona – Sant Esteve
City: Barcelona
GLA: 131,399 sqm
3. Barcelona – PLZF
*Project under development or extension
ı 66 ı
Logistics | Rest of Spain
City: Valencia
GLA: 34,992 sqm
5. Valencia-Ribarroja
City: Vitoria
GLA: 72,717 sqm
7. Vitoria - Jundiz
City: Sevilla
GLA: 153,899 sqm
9. Sevilla - ZAL*
City: Valencia
GLA: 26,613 sqm
4. Valencia – Almussafes
City: Zaragoza
GLA: 20,764 sqm
2. Zaragoza – Plaza
City: Zaragoza
GLA: 21,579 sqm
1. Zaragoza – Pedrola
City: Zaragoza
GLA:11,421 sqm
3. Zaragoza - Plaza II*
City: Vitoria
GLA:26,774 sqm
8. Vitoria - Jundiz II
City: Valencia
GLA:96,572 sqm
6. Valencia*
City: Lisbon
GLA: 224,864 sqm
10. Lisbon - Lisbon Park*
*Project under development or extension
Paseo de la Castellana, 257
28046 Madrid
+34 91 769 19 00
info@merlinprop.com
www.merlinproperties.com
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