real estate mountain goat 35 Merlin Features closes the first quarter of the year approximately 119.2 million euro rental income8% more than in the same period in 2022, when only its holdings are taken into account. Operating profit was 75.3 million, down 5.6% from the first three months of last year due to the sale of the BBVA branch portfolio, which it led in mid-2021.
Led by the charismatic Ismael Clemente, the company benefited from the start of the year. It continues to reduce its debt, which is 32.5%. According to the report, this was achieved through the sale of two shopping centers, Bonaire and Vilamarina, to Hungarian fund Indotek for 22m euros. Five days a few weeks ago.
Merlin changed his passives to: Refinancing 744.5 million bondswere swapped with a syndication loan of 665 million TL and two loans of 60 million TL, respectively. With these changes, the average interest rate on the debt is 1.98%, almost all at a constant rate, and the average maturity is 4.7 years.
Behavior of different entities
This offices troubled the real estate company slight decline in employmentBy the end of 2022, it reaches 92.2%. “The office rental market continues to show some activity, although we expect less activity in the coming months,” they note.
They logistics ships Moreover reduced their occupancy (-1%) for “tenant transfer”. The biggest decline was in assets outside Madrid and Barcelona, with 5.36%. However, rents increased by 4.3 percent compared to the first quarter of 2022. The company will complete the work of the 47,342 square meter Cabanillas Park II B project in the second half of the year, with which it is in “very close talks”. advanced for commercialization”.
This shopping malls Despite sales being 16.7% higher, there is only a 1% entry compared to pre-pandemic. The occupancy rate of this asset class is 94.4%.slightly improved the one recorded a year ago.
This data centers (data centers) continue their development: “Work is entering the finishing phase and the three assets are expected to be delivered in the second half of the year.. Pre-commercialization is progressing faster than expected and equipment orders have been initiated to go from 9 MW to 15 MW immediately,” they report from Socimi. These assets are located in Madrid, Catalonia and the Basque Country. Lisboa is awaiting license to begin construction.
bad stock market behavior
Despite the excellent operational performance, stock market accumulates a 15.6% drop over the course of this year. The Ibex-35 company recorded a stock market drop of over 44% from its highs recorded before the outbreak of the Covid-19 pandemic. Merlin has assets worth 7,682 million euros. However, its capitalization is 3,540 million Euros, which corresponds to a 46% discount compared to the real estate valuation made at the end of last year.