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Merlin’s Profits Increased By 77% In H1 To €211M

Posted by: In: Real Estate 26 Sep 2016 Comments: 0 Tags: , , , , , , , , , , ,
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26 September 2016 – Expansión

The Socimi Merlin Properties recorded revenues of €154.6 million during the first half of 2016, up by 136% compared to the same period a year earlier.

The real estate company has seen a significant increase in its revenues thanks to the acquisition of new assets – it completed the purchase of several assets worth around €149 million during the first six months of the year – and the management of them.

Merlin, whose shareholders approved its merger with Metrovacesa in an extraordinary meeting last week, increased its profits by 76.6% during the period, to €211.1 million. In June 2015, the Socimi also agreed to purchase Testa.

The Socimi’s recurrent EBITDA amounted to €135.5 million in H1 2016, up by 130% compared to 2015. “These results reflect the outstanding performance of the asset portfolio. In a record quarter in terms of space leased (in sqm), the company has managed to increase its occupancy rate and rents in comparable terms”, said Merlin.

The real estate company, which debuted on the stock exchange in June 2014 without any assets on its balance sheet, now has a portfolio worth €6,527 million, which represents an appreciation of 7.8% with respect to December 2015.

Financing

The Socimi controlled by Ismael Clemente (pictured above) closed the first half of 2016 with net debt of €3,124 million, which represents 47.9% of the value of its assets.

In April, Merlin completed a bond issue amounting to €850 million. It is planning to complete another similar operation before the end of the year, amounting to around €500 million, to cover a bridge loan currently held by Metrovacesa, which is due to mature in 2018.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

The post Merlin’s Profits Increased By 77% In H1 To €211M appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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