MERLIN INTEGRATES METROVACESA
LARGER BROADER STRONGER
SEPTEMBER 2016 DISCLAIMER
This presentation has been prepared by MERLÍN Properties, by the Company’s auditors, whereas the information on exceptions, may not be offered or sold within Canada or SOCIMI, S.A. (the Company) for informational use only. Metrovacesa S.A. and on certain competitors contained Japan or to or for the benefit of any national, resident or herein is based on publicly available information which has The information contained in this presentation does citizen of Canada or Japan. not been verified by the Company. Accordingly, recipients not purport to be comprehensive or to contain all the should not place undue reliance on this information. 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ı 2 ı MERLIN INTEGRATES METROVACESA July 2016
Transaction highlights 4 Metrovacesa overview 8 Transaction rationale 13 Structure and terms 23 Collateral value: creation of a leading 29 Spanish rented residential player Timetable and conclusions 32 Appendix 35 TRANSACTION HIGHLIGHTS Transaction highlights
INTEGRATION OF METROVACESA: COMPELLING STRATEGIC RATIONALE
• Consolidation of the #1 office portfolio in Spain, increasing exposure to Madrid and Barcelona CBD Unparalleled footprint • Dramatic scale-up in shopping centers, becoming the #2 player in Spain with presence in the regions with the highest GDP per capita
Leadership • Undisputed Spanish leader across all asset categories providing the best opportunity to benefit and European from the Spanish property market recovery scale • Creation of one of the largest diversified commercial REITs in Continental Europe
• Company poised for compelling short-to-medium term value and FFO growth: • Occupancy improvement Tangible • Rent reversion embedded upside • Repositioning capex • Additional revenue and cost synergies • Management commitment to tighten overheads cap and adjust stock plan
• Collaterally, the transaction creates a leading Spanish rented residential platform, Enhanced while deconsolidating it from MERLIN options for • Enhances the attractiveness and liquidity of the hotel division which becomes the #1 net non-core lease hotel operator in Spain assets • NOL carry forwards of MVC to mitigate impact of non-core divestments
ı 5 ı Transaction highlights
STRUCTURE, TERMS AND TIMING
• Spin-off of MVC into 3 business lines: • (a) commercial property (GAV €3,190 m / NAV €1,673 m / GRI €152 m) • (b) rented residential (GAV €692 m / NAV €442 m / GRI €22 m); and Transaction • (c) land bank structure • Acquisition of MVC’s commercial property in exchange for 146.7 m MERLIN shares and key terms • Resulting ownership: MERLIN shareholders 68.76%; MVC shareholders 31.24%(1) • Simultaneous merger of MVC’s rented residential platform into MERLIN’s platform • Resulting ownership: MVC shareholders 65.8%(2); MERLIN 34.2% (deconsolidation) • Land bank retained by MVC shareholders
• Enlargement of MERLIN BoD to reflect new shareholding structure: 15 members • 3 Santander, 1 BBVA, 2 executives and 9 independents from MERLIN and Testa • Non-executive chairman: Mr. Rodrigo Echenique Governance • Executive vice-chairman and CEO: Mr. Ismael Clemente and • MERLIN management team to remain unchanged Management • New proposal to reduce participation levels of the MSP in Total Shareholder Return(3) • JV Residential Company: internally managed by the Testa Residencial management team under the supervision of MERLIN, through a Service Level Agreement
• Transaction subject to approval of MERLIN and MVC shareholders (September 2016) Approvals • Transaction subject to antitrust approval and timing • Expected closing: Q4 2016
(1) Santander 21.95%; BBVA 6.41%; Popular 2.86%; Minorities 0.02% (2) Santander 46.21%; BBVA 13.49%; Popular 6.01%; Minorities 0.05% (3) Subject to AGM approval ı 6 ı Transaction highlights
APPEALING TRANSACTION FROM A FINANCIAL PERSPECTIVE
• Stock for stock transaction: MERLIN new shares issued at €11.40 per share NAV • 15.8% premium to NAV(1); 22.6% to unaffected share price(2) and 16.9% to L3M VWAP(3) accretive • Overall 5.7% accretive in NAV p.s.(1): combined company pro-forma NAV of €10.41 p.s • MERLIN’s residential portfolio contributed at a 30.1% premium to NAV
(4). Highly • Very attractive acquisition capital values vs. comparable market transactions attractive • Office: €3,192/sqm(5) vs. €4,900-7,500/sqm in CBD and €2,500-4,400/sqm in non-CBD acquisition • Shopping centers: €2,735/sqm(5) vs. €2,400-4,600/sqm capital values • Hotels: €115k/room(5) vs. €132k-186k/room
• Transaction FFO accretive from day 1 FFO accretive • Assumes MVC’s post-transaction overhead expenses fulfill MERLIN’s current overhead policy since year 1 • Reconfirmed commitment to distribution policy of 80% of FFO
• Existing policy in place until end of 2017 (integration phase) New • New commitment from Management overheads cap policy • Greater of 5.75% of GRI or 0.575% of NAV for 2018 and 2019 • Greater of 5.50% of GRI or 0.550% of NAV from 2020 onwards
• Enhancement of MERLIN’s credit profile Sound capital • Decrease in LTV from 50.6% to 49.0% post transaction, based on March 2016 reported GAV(6) structure preserved • Maintenance of healthy financing ratios within MERLIN’s policy and S&P guidelines • Transaction does not trigger an early termination event in MERLIN or MVC’s bank debt / bonds
(1) Based on 31 December 2015 reported NAV of €9.85 per share (2) Based on 20 June 2016 close price €9.30 per share (3) L3M Volume Weighted Average Price of €9.75 per share (4) Selected market transactions comparable to MVC’s assets in each asset class, mostly completed within the last 18 months ı 7 ı (5) Not adjusted for MERLIN NAV increase from implied new shares issuance premium (6) Based on March 2016 GAV for MERLIN and December 2015 GAV for MVC METROVACESA OVERVIEW Metrovacesa overview
SUPERB PORTFOLIO FIT WITH MERLIN…
Key figures(1) Office and shopping centers: ~90% of MVC(4)
3% 2% 1,277,373 sqm 81.4% 2.4 years 8% 58% Other 10% 50% Other
GLA OCCUPANCY WAULT Rented residential Rented residential
Hotels Hotels €152 m €124 m 4.8% 31% BREAKDOWN 38% BREAKDOWN (2) (2) High Street Retail High Street Retail GRI NRI GROSS YIELD BY GAV BY GRI Logistics Logistics
€3,190 m €1,539 m €1,673 m Shopping centers Shopping centers (3) GAV NET DEBT NAV O ce O ce Office Shopping Center Hotels Other(5) Irreplicable high quality portfolio
(1) As of 31 December 2015. Excludes rented residential assets to be contributed to JV Residential Company (2) Annualized gross rents / net rents calculated as passing gross rent / net rent as of pro-forma 31 December 2015, multiplied by 12 (3) Pro-forma after refinancing completed in May 2016 and excluding €250 m to be contributed to JV Residential Company ı 9 ı (4) Based on GAV (5) Other composed of miscellaneous including logistic assets, retail premises, senior residences, parkings and others. Land excluded from the transaction Metrovacesa overview
…VERY WELL POSITIONED TO BENEFIT FROM THE RECOVERY CYCLE
Diversified across MERLIN’s core divisions Significant upside in rental levels
€3,192 €2,735 €115k(1) n.m. ERV yield 5.9% 6.8% 6.1% n.m. 1,835 Gross yield 4.1% 5.8% 5.8% n.m. 76 1,004 58 17.4/20.1(5) 256 14.1 95 15 3 5.5 Office Shopping Hotels Other(2) Office Shopping Hotels Other(2) centers centers GAV (3) (€ m) GAV (3) (€/sqm) GRI(4) (€ m) • Passing rent(4) (€/sqm/m)
Suboptimal occupancy levels and short WAULT 100%
78% 76%/84%(5) 81.4% AVERAGE 62% OCCUPANCY(3)(6)
2.9 3.8 3.3 1.8 2.4 AVERAGE WAULT (3)
Office Shopping Hotels Other(2) centers
(1) Refers to €/room (2) Other composed of miscellaneous including logistic assets, retail premises, senior residences, parkings and others. Land excluded from the transaction (3) As of 31 December 2015 (4) Annualized gross rents calculated as pro-forma passing gross rent as of 31 December 2015, multiplied by 12. Passing rent as of 31 December 2015 ı 10 ı (5) Excluding a shopping center currently under repositioning (6) Not adjusted for assets under repositioning. If adjusted, average occupancy would be 82.1% Metrovacesa overview Office portfolio
PRIME PORTFOLIO OF HIGH QUALITY PROPERTIES IN MADRID AND BARCELONA
MVC office KPIs(1) Located in MERLIN’s core markets Large portfolio of prime assets
37 Remarkable footprint in prime CBD, including trophy assets… 11% 89% # ASSETS 574,781 sqm GLA BREAKDOWN BY MARKET €1,835 m (BY GAV) GAV €3,192 / sqm …complemented by presence in high growth areas in the North of Madrid CAPITAL VALUE PSM €76 m Madrid Barcelona GRI 4.1% Broad offer spectrum GROSS YIELD 5.9% 18% 34% ERV YIELD High quality tenants 78% BREAKDOWN BY LOCATION PHYSICAL OCCUPANCY (BY GAV) 1.8 years 48% WAULT
CBD NBA Periphery
ı 11 ı (1) As of 31 December 2015. Metrovacesa overview Shopping centers
UNIQUE PORTFOLIO IN STRATEGIC LOCATIONS WITH UPSIDE POTENTIAL
MVC Shopping centers KPIs(1) Footprint in high GDP / capita regions Dominant malls in prime urban locations
14 # ASSETS 367,090 sqm GLA €1,004 m GAV €2,735 / sqm CAPITAL VALUE PSM €58 m GRI 5.8% GROSS YIELD 6.8% Top-tier tenants ERV YIELD 76% / 84%(2) PHYSICAL OCCUPANCY 2.9 years WAULT 49 m 2015 FOOTFALL ı 12 ı (1) As of 31 December 2015. (2) Excluding a shopping center currently under repositioning TRANSACTION RATIONALE Transaction rationale
TRANSACTION RATIONALE: A PERFECT FIT
Consolidation as the unrivaled #1 office portfolio in Spain, reinforcing 1 leadership in Madrid and Barcelona CBD markets.
Dramatic scale-up of footprint in shopping centers, becoming #2 player 2 in Spain.
Tangible embedded upside in Metrovacesa’s portfolio and increased exposure 3 to market tailwinds.
4 Enhanced options for non-core businesses.
Becoming one of Continental Europe’s largest diversified pure-play commercial REITs 5 and the undisputed Spanish leader across all asset classes.
Irreplicable, balanced and diversified prime portfolio, uniquely positioned to benefit from the Spanish real estate market cycle
ı 14 ı Transaction rationale
1 OFFICE LEADERSHIP REINFORCED BY INCREASED CBD PRESENCE AND DIVERSIFICATION 4% 11% 4%13% 83% 11%47% 42% 29% 71% 4% 13% 83% 47% 42% 29% 71% (2) 11% MERLIN post-transaction Madrid and Barcelona CBD 13%GLA 83% 47%Portfolio breakdown42% 29% 71% office KPIs(1)
84 4% 11% Madrid Barcelona13% Other 83%CBD New business areas47%Periphery 42% Multi-tenant Single-tenant29% 71% # ASSETS 4% Madrid Barcelona 11%Other CBD New business areas Periphery Multi-tenant Single-tenant 13% 83% 47% 42% 29% 71% (‘000 sqm) 4% Madrid Barcelona Other11% CBD BYNew CITY business areas Periphery Multi-tenant Single-tenant 1,159,750 sqm 340 (GAV) 4% 13% 83% 11% 47% 42% 29% 71% GLA 13% 83% 47% 42% 29% 71% €4,104 m 1.7x 63 4% Madrid Barcelona Other CBD New business areas Periphery Multi-tenant Single-tenant GAV 202 11% 4% Madrid Barcelona13% Other 83% CBD New business47% areas Periphery 42% Multi-tenant Single29%-tenant 71% 41 11% 4% 13% 83% Madrid47% Barcelona 42%Other CBD New29% business areas 71%Periphery Multi-tenant Single-tenant €3,539/sqm 11% 277 BY 13% CAPITAL VALUE83% PSM Madrid 47%Barcelona Other42% CBD New business29% areas Periphery71% LOCATIONMulti-tenant(3) Single-tenant 161 Madrid CBD (GAV) €193 m Barcelona CBD GRI 4% MERLIN Madrid 11%MERLINBarcelona Other CBD New business areas Periphery Multi-tenant Single-tenant 4.7%Madrid Barcelona13% Other 83%pre-transactionCBD New business areas47%post-transactionPeriphery 42% Multi-tenant Single29%-tenant 71% Madrid Barcelona Other CBD New business areas Periphery Multi-tenant Single-tenant GROSS YIELD BY PRODUCT 84% (GLA) PHYSICAL OCCUPANCY
Madrid Barcelona Other CBD New business areas Periphery Multi-tenant Single-tenant 3.3 years • Enlarged presence in Madrid and Barcelona CBD WAULT • Enhanced flexibility and breadth of solutions for current and future tenants
(1) MERLIN figures as of 31 March 2016 and MVC as of 31 December 2015 (2) Madrid CBD includes inside M-30. Barcelona CBD includes inside Ronda de Dalt and on the east, the beginning of 22@ ı 15 ı (3) Only includes assets located in Madrid and Barcelona Transaction rationale
2 DRAMATIC SCALE-UP IN SHOPPING CENTERS, BECOMING #2 PLAYER IN SPAIN
MERLIN post-transaction Significant upgrade in scale… …on par with the #1 player shopping centers KPIs(1) 20 GLA Evolution (‘000 sqm) Ranking of Spanish shopping center players # ASSETS 531,165 sqm 20 Player Owned GLA (sqm) 531 GLA 3.2x 1 Unibail-Rodamco 570k sqm €1,677 m 2 MERLIN 531k sqm GAV 6 3 Klepierre 359k sqm €3,138/sqm 164 CAPITAL VALUE PSM 4 CBRE GI ~ 325k sqm(2) €96 m 5 Carmila 219k sqm GRI MERLIN MERLIN 5.8% pre-transaction post-transaction #assets GROSS YIELD 81%/87%(3) • Revenue synergies as MERLIN becomes the reference landlord for top retailers PHYSICAL OCCUPANCY • Enhanced retail offering to result in increased profitability 2.9 years • MVC contributes a valuable internal retail asset management team WAULT • 23 experienced employees with strong track record in development and management 98 m (1) MERLIN figures as of 31 March 2016 and MVC as of 31 December 2015 FOOTFALL (2015) (2) Estimated ı 16 ı (3) Excluding a shopping center currently under repositioning Transaction rationale
3 TANGIBLE EMBEDDED UPSIDE IN METROVACESA’S PORTFOLIO…
Offices Shopping Centers Synergies potential • Increased scale: flexibility and breadth • Potential revenue synergies from • Commitment to tighten overheads policy of solutions increased negotiation power with • Further synergies from economies of scale • Largest exposure to Madrid and Barcelona retailers through centralised procurement driving up CBD markets • Internal management team with gross-to-net ratio • Ample scope for active asset management 23 professionals • Financial savings through refinancing initiatives benefitting from stronger credit profile
Significant upside in MVC’s recurrent FFO (€ million) MERLIN FFO MVC FFO
(€ million) MERLIN FFO MVC FFO 328 20 21 19 2 21 19 328 267267 2 20 146 85 85 146 182 182 182 182
Pro-forma Commitment MVC reaches MVC reaches MVC at Pro-forma FFO transaction FFO(1) to tighter MERLIN's MERLIN's ERV rents including MVC upsides Pro-forma overheads cCapommit9m5%en otcc upancy MVNCRI r/GeaRcI rhateios MVC reaches MVC at Pro-forma FFO transaction FFO(1) to tighter MERLIN's MERLIN's ERV rents including MVC upsides overheads cap 95% occupancy NRI/GRI ratio
(€ million) MERLIN FFO MVC FFO
21 19 328 267 2 20 • MERLIN Management has proved to have the experience and skills to execute a smooth integration 85 • Solid track 1record46 implementing asset management plans and crystallizing synergies 182 182
(1) MERLIN’s FFO based on 2016 Bloomberg consensus of €0.55 p.s. (€178 m) adjusted for the deconsolidation of residential activity (-€6 m) and for the impact of the JV Residential Company(+€10 m) ı 17 ı Pro-forma Commitment MVC reaches MVC reaches MVC at Pro-forma FFO transaction FFO(1) to tighter MERLIN's MERLIN's ERV rents including MVC upsides overheads cap 95% occupancy NRI/GRI ratio TransactionTransaction rationale rationale
3 …AND INCREASED EXPOSURE TO MARKET TAILWINDS…
Commercial annualized LfL rent evolution 2016 YTD (passing Jun-16 vs. passing Dec-15)
Occupancy (%) WAULT (yrs) Pre Post Pre Post Office 90% 84% 4.3 3.3 Shopping centers 93% 81%/87%(1) 2.8 2.9 LfL % LfL % Rent % LfL # leases Occupancy CPI Rent effect €’000 Renewed change same space in total
Offices 12% 40 (1,162) (811) (172) (179) (0.16%) (0.91%) excl. expiry 9% 38 2,100 1,480 (166) 786 0.75% 5.70% of pre-crisis leases Shopping Centres 12% 53 (900) (1,414) (29) 544 1.46% 11.99% Logistics 18% 4 546 647 (29) (72) (0.37%) (2.02%) excl. expiry of 16% 3 741 647 (21) 115 0.67% 4.32% pre-crisis leases TOTAL 13% 97 (1,441) (1,578) (156) 294 0.18% 1.06% excl. expiry of 11% 94 2,016 713 (142) 1,445 0.91% 6.24% pre-crisis leases
…as evidenced by positive LfL rental growth
(1) Excluding a shopping center currently under repositioning ı 18 ı Transaction rationale
4 ENHANCED OPTIONS FOR NON-CORE BUSINESSES
Pro-forma Rented residential KPIs(1) Pro-forma Hotels KPIs(1)
€980 m 4,706 units 3.5% €654 m 4,495 rooms 5.8% GAV # UNITS GROSS YIELD GAV # ROOMS GROSS YIELD 92% €35 m €619 m 100% €38 m 3.8 years OCCUPANCY GRI NAV OCCUPANCY GRI WAULT
Creation of a national leader in the Increased attractiveness and liquidity attractive rented residential market of the hotel division, becoming #1 net while deconsolidating from MERLIN lease hotel operator in Spain
Resulting shareholding Hotels GAV evolution
66%% (€ million) #assets MMEERRLLININ 1144%% 3344%% 24 SSaannttaannddeerr 12 654 BBBBVVAA 30% premium to NAV PPooppuulalarr contribution and allowing 398 deconsolidation from 1.6x 4466%% MERLIN MERLIN MERLIN pre-transaction post-transaction
Increased flexibility with NOL carry forwards to mitigate impact of non-core divestments ı 19 ı (1) MERLIN figures as of 31 March 2016 and MVC as of 31 December 2015 Transaction rationale
CONTINENTAL EUROPE’S LARGEST DIVERSIFIED COMMERCIAL REIT AND UNDISPUTED 5 SPANISH LEADER
Europe’s largest diversified pure commercial REIT(1)
By GAV(2) (€ billion) 37.8
22.1 18.7 18.5 12.3 11.6 11.0 9.3 9.2 9.1 37.8
UK players22.1 Continental18.7 European players18.5 12.3 11.6 Player Shopping Shopping UK UK Shopping Office11 .0 Commercial9.3 Commercial9.2 Shopping9.1 Office type: centers centers diversified diversified centers pure play and residential diversified centers pure play
UK players Continental European players
Undisputed leader in the Spanish real estate market across all asset classes
By GAV(2) (€ billion) By GRI(2) (4) (€ million) 9.3(3) 483(5) 9.3(3) 6.9 483(5) 6.9 231 231 2.1 105 1.5 1.0 62 2.1 1.5 0.9 62 105 46 40 1.0 0.9 46 40
Spanish Non-Spanish Spanish Non-Spanish
(1) Only including commercial real estate players (2) MERLIN figures as of 31 March 2016 and MVC as of 31 December 2015 (3) Includes JV Residential Company contribution at proportional NAV. Includes non-material Paris assets from MVC ı 20 ı (4) Annualized gross rents calculated as passing gross rent as of March 31 2016, multiplied by 12 (5) Includes income from minority stake in JV Residential Company Transaction rationale
LARGER, BROADER, STRONGER
Breakdown by asset class(1) Pro-forma EPRA gross yield per asset type(1)(6)
6.9% 100.0% 93.5% 100.0% MERLIN pre-transaction MERLIN post-transaction 5.8% 5.8% 84.0% 81.0% 5.1% 5.3 4.7% AVERAGE 20.5 (3) (3) 6%(2) 6%(2) 2% 5%(4)2% 5%(4) GROSS 4% 4% 3% 3% YIELD 5% 5% 7% 7% 4.1 3.8 6% 6% 37% 37% 44% 44% 3.3 2.9
Office High street Shopping Logistics Hotels Office High street Shopping Logistics Hotels 11% 11% retail centers retail centers 18% 18% Pro-forma Occupancy and WAULT(1) per asset type 31% 31% 21% 21% WAULT (years) Occupancy (%)
(5) (5) 6.9% (5) (5) 100.0% 93.5% 100.0% €6.2 Bn€6.2 Bn €9.3 Bn€9.3 Bn 84.0% 89.7% 5.8% 5.8% 81.0% AVERAGE 5.1% OCCUPANCY Office HighOffice street Highretail streetShopping retail4.7 centers%ShoppingHotels centers LogisticsHotels LogisticsRented residentialRented residentialOther Other 20.5 Office High street retail Shopping centers Hotels Logistics Rented residential Other
3.3 2.9 4.1 3.8 7.1 AVERAGE WAULT Office High street Shopping Logistics Hotels Office High street Shopping Logistics Hotels Balanced combinationretail of:centers retail centers • #1 irreplicable • Dramatic scale-up in shopping • Resilient high street • Leading office portfolio with centers to benefit from the WAULretailT (ye ators) navigateOccu pancy (%) logistic shorter WAULTS Spanish consumer recovery the cycle platform
(1) MERLIN figures as of 31 March 2016 and MVC as of 31 December 2015 (4) Other includes land and projects under development (2.4%), minority stakes excluding (2) Other includes land and projects under development (3.6%), minority stakes (2.2%) and other residential (1.5%) and other miscellaneous assets ı 21 ı miscellaneous assets (5) Total portfolio GAV (Including land and development GAV) (3) Corresponds to MERLIN’s 34% minority stake in JV Residential Company NAV (6) Gross yield is calculated dividing annualized gross monthly rents by GAV Transaction rationale
PRO-FORMA FINANCIAL METRICS
Combined figures
Impact from MERLIN(1) MERLIN ex. MERLIN Metrovacesa(1) JV Residential € m (Dec-15) residential Post-transaction Company
GAV (2) 6,053 5,764 3,190 211 9,166
NAV (2) 3,181 3,005 1,673 211 4,890
GRI(3) 310 298 152 - 450
NRI(3) 292 283 124 - 407
GRI/NRI ratio 94% 95% 81% n.a. 90%
FFO(4)(5) 178 172 85 10(6) 267
(1) MERLIN pre-transaction includes rented residential. MVC excluding rented residential (2) Including minority stakes (3) Annualized gross rents / net rents calculated as passing gross rent / net rent as of 31 March 2016, multiplied by 12 for MERLIN and pro-forma passing gross rent /net rent as of 31 December 2015 for MVC (4) For MERLIN based on 2016E broker consensus (5) Assumes (i) MVC’s post-transaction overhead expenses fulfill MERLIN’s current overhead policy and (ii) current MVC cost of financing ı 22 ı (6) Includes revenues from residential Service Level Agreement and attributable FFO from JV Residential Company STRUCTURE AND TERMS
ı 23 ı Structure and terms
TRANSACTION SUMMARY (I)
• MVC to spin-off in 3 business units: commercial assets (including offices, shopping centers, hotels and other), rented residential and commercial land Transaction • MERLIN to acquire MVC’s commercial assets in exchange for shares structure • MVC’s residential business to merge into MERLIN’s resulting in deconsolidation • MVC’s land excluded from transaction
• 100% stock transaction: MERLIN issues 146.7 m shares at a price of €11.40 p.s. • 15.8% premium to NAV(1); 22.6% to unaffected share price(2), 16.9% to L3M VWAP(3) • Resulting ownership post-transaction • MERLIN shareholders: 68.76% • MVC shareholders: 31.24% (Santander 21.95%; BBVA 6.41%; Popular 2.86%) Transaction terms • 180-day initial lock-up for MVC shareholders(4) • Orderly sale mechanism agreed by Santander, BBVA and Popular • 90 days lock-up for future sell-downs for both participating and non-participating selling shareholders(5) • MERLIN and MVC will distribute to shareholders €66 m and €50 m, respectively, before transaction closing
(1) Based on December 2015 reported NAV of €9.85 per share (2) Based on 20 June 2016 close price €9.30 per share (3) L3M Volume Weighted Average Price of €9.75 per share (4) Minorities from MVC representing 0.02% of combined entity not subject to lock-up ı 24 ı (5) Orderly sale mechanism to apply to blocks over 1% of TSO. In addition, MVC shareholders are restricted from “dribbling-out” over 20% of the average daily volume Structure and terms
TRANSACTION SUMMARY (II)
• Board of Directors to increase from 10 to 15 members • 9 independents from MERLIN and Testa • 3 representing Santander, including Mr. Rodrigo Echenique as non-executive chairman, Corporate • 1 representing BBVA governance • 2 executives and • Shareholders’ Board representation proportional to respective stake management team • Management Team to remain unchanged: Ismael Clemente CEO • New proposal to reduce appropriation levels of Total Shareholder Return in MSP(1) • Above 8% hurdle: 6% instead of 10% in place • Above 12% hurdle: 9% instead of 15% in place
• Transaction subject to MERLIN and MVC General Shareholders Meeting Transaction conditions & • Reciprocal €75 MM break-up fee if transaction not approved by either AGM timetable • Transaction subject to antitrust • Transaction closing expected by Q4 2016
(1) Subject to AGM approval and retroactive to 2016 ı 25 ı Structure and terms
TRANSACTION STRUCTURE SUMMARY: COMPLIANT WITH THE SOCIMI REGIME
1. Pre-transaction “status quo” 2. Full spin-off of MVC in three business lines
Excluded from MERLIN MVC transaction scope
MERLIN MERLIN MVC MVC MVC commercial rented commercial rented commercial real estate residential real estate residential land
Contributed to: MERLIN JV RESIDENTIAL MVC COMPANY SHAREHOLDERS 3. The transaction
MERLIN Shareholders MVC Shareholders
31.24% 65.76% 68.76% 34.24% MERLIN JV Residential Company Service Level Agreement MERLIN MVC MERLIN MVC commercial commercial rented rented real estate real estate residential residential
ı 26 ı Structure and terms
ACCRETIVE TO SHAREHOLDERS FROM DAY 1
+5.7% accretive in NAV and 3.4% in FFO p.s. Compelling entry capital values
MERLIN Entry MERLIN MERLIN Market post- capital portfolio (Dec-15) transactions (€/sqm) transaction(1)(2) values (€/sqm) (€/sqm) CBD: 4,900-7,500(6) Offices GAV (€ m) 6,053 9,166 Office 3,192 3,880 Other: 2,500-4,400(7) Shopping NAV (€ m) 3,181 4,890 2,735 4,041 2,400-4,600(8) centers NAV (€ p.s.)(3) 9.85 10.41 Hotels(5) 115k 176k 32k-186k(9)
NAV accretion p.s. 5.7% Source: MERLIN, PMA
FFO (€ p.s.)(3) 0.55(4) 0.57 +€228 million of incremental NAV resulting from issuing TOTAL 13% 97 shares at a premium to NAV not accounted for in entry capital values calculations FFO accretion p.s. 3.4%
Reconfirmed • Reconfirmed commitment to dividend policy equal to 80% of FFO commitment • Reconfirmed guidance for 2016 dividend of €140 m to dividend • Interim distribution of €66m (€0.204 p.s.) to be distributed in September/October 2016 policy • Complementary dividend of €74 m (€0.158 p.s.)(10) to be distributed in April 2017
(1) MERLIN and MVC as of 31 December 2015 (7) Includes the following transactions: Rios Rosas 26, General Lacy 23-25, Av. Manoteras 18, Av. America (2) Includes proportional stake in JV Residential Company 115, Principe de Vergara 112, Portfolio Cristalia-Foster Wheeler (3) Based on 323.0 m shares pre-transaction and 469.8 m shares post transaction (8) Includes the following transactions: Airesur, Moraleja Green, Espacio Leon, Zielo (4) (9) MERLIN’s FFO based on 2016 market consensus DPS of €0.44 and implied FFO of €0.55 p.s. Includes the following transactions: Tryp Atocha, Senator Gran Via ı 27 ı (5) Refers to €/room (10) Assuming new TSO post-transaction of 469.8m shares (6) Includes the following transactions: Genova 17, Paseo de la Castellana 89, Santa Engracia 120 Includes Structure and terms
REINFORCED INVESTMENT GRADE CREDIT WITH ENHANCED BUSINESS PROFILE, LOWER LEVERAGE AND IMPROVED FINANCIAL RATIOS
Key metrics (as of Mar-16) Combined debt breakdown
MERLIN MERLIN Policy 4% pre-transaction(1) post-transaction 3%
Gross debt €3,271 m €4,730 m Net debt €3,138 m €4,565 m 24% 36% Undrawn revolving facilities 320 420 Avg interest rate 2.3% 2.2% LTV <50% 50.6% 49.0% ICR >2.5x 3.5x 3.5x Average maturity 7.0 years 6.2 years 33%
Unsecured debt >50% 59% 69% Unsecured bank debt Unsecured bonds Fixed rate debt >60% 87% 82% Mortgage loans - bank Unsecured bank debt Rating BBB / stable Strong credit profile Leasings
Combined debt maturity profile(1) 1,303 83 914 1,013 637 721 64 137 21
15 22 500 17 86 1,220 700 850
2016 2017 2018 2019 2020 2021 2022 2023 2024
Unsecured bank debt Unsecured bonds Secured loans & other
ı 28 ı (1) Pro-forma to bond issuance in April-16 COLLATERAL VALUE: CREATION OF A LEADING SPANISH RENTED RESIDENTIAL PLAYER Collateral value: creation of a leading Spanish rented residential player
JV RENTED RESIDENTIAL COMPANY: TRANSACTION STRUCTURE
• MVC to contribute its rented residential business to MERLIN’s in exchange for shares • MVC NAV: €441 m • MERLIN NAV: €177 m • Resulting ownership: MVC shareholders (65.76%); MERLIN (34.24%) Transaction • Implied 18.4%(1) premium to latest reported GAV structure • Implied 30.1%(1) to latest reported NAV • Allows MERLIN to deconsolidate rented residential business • €250 m of debt contribution from MVC and €111 m of MERLIN debt already in place • Internal management under MERLIN’s supervision through a Service Level Agreement • JV Residential Company to adopt SOCIMI status within the next 2 years
• MERLIN will supervise the management and performance of JV Residential Company under a long Service Level term service agreement Agreement • Annual fee for MERLIN of €7.7 m
Timing & • Simultaneous with the acquisition of MVC’s commercial assets Conditions • Subject to approval of Testa Residencial and MVC General Shareholders’ meeting
(1) Resulting ownership equivalent of valuing MERLIN’s residential portfolio at €340 m GAV (vs. €288 m Dec-15 reported) and €229 m NAV (vs. €177 m Dec-15 reported) (2) Net fee NPV, adjusted for MERLIN ownership in JV Residential Company
ı 30 ı Collateral value: creation of a leading Spanish rented residential player
CREATION OF A NATIONAL LEADER IN THE ATTRACTIVE RENTED RESIDENTIAL MARKET
Key metrics (as of Mar-16) Geographical split
MERLIN MVC JV Residential 6% Madrid Residential Residential Company San Sebastian % Pamplona GLA (sqm) 124,019 327,240 451,259 5% 6 % Mallorca Units (#) 1,519 3,187 4,706 Other % Physical occupancy (%) 98.3% 89.0% 91.5% GRI (€ m) 12.1 22.5 34.6 Gross yield 4.2% 3.3% 3.5% Modern portfolio in prime urban locations Monthly GRI (€/sqm/m) 8.1 5.7 6.4 NRI (€ m) 9.3 13.2 22.5 ERV yield 4.2% 3.7% 3.8% GAV (€ m) 288 692 980 GAV psm 2,324 2,114 2,172 Net debt (€ m) 111 250 361 LTV 39% 36% 37% NAV (€ m) 177 442 619
Company will be managed by personnel assigned from Testa Residencial and Gesfontesta under MERLIN’s supervision ı 31 ı TIMETABLE AND CONCLUSIONS Timetable and conclusions
TIMETABLE
Independent Expert Antitrust report available approval
21 June 2016 Late July 2016 September 2016 Q3/Q4 2016 Q4 2016
Transaction MERLIN and Metrovacesa Closing of announcement General Shareholders’ the transaction Meeting
ı 33 ı Timetable and conclusions
LARGER, BROADER, STRONGER
A perfect industrial fit
Tangible embedded upside in Metrovacesa
Optionality for MERLIN’s non-core assets
Irreplicable, diversified and balanced resulting portfolio
Appealing financial terms
Sound capital structure preserved
Enhanced scale and capital markets profile
ı 34 ı
APPENDIX
ı 35 ı Appendix Office - Madrid
ı 36 ı Appendix Office - Madrid prime and CBD
Castellana, 280 Eucalipto, 25 Castellana, 278 Plaza Castilla M-30 Ventas bullring Cuzco Bernabeu Stadium Eucalipto, 33
Lima Castellana, 259
Nuevos Ministerios America Avda. Castellana, 93 Azca Ppe. Vergara, 187 Príncipe de Vergara Gregorio Marañón Maria de Molina Emilio Castelar Calle Alcalá Pza. Trias Bertran, 7 Retiro Bravo Murillo Paseo deSerrano la Castellana Colón
Castellana, 83 - 85 José Abascal P. Valdivia, 10 Puerta de Alcalá
Cibeles Alfonso XI, 6 J.M. Churruca
Bank of Spain Madrid Town Hall
V. Rodríguez, 7 Alcalá, 45 Parliament
Alcalá, 40
Princesa, 3 Princesa, 5
Gran Vía
ı 37 ı Appendix Office - Madrid (I) MERLIN Metrovacesa
1. Torre Castellana 259 2. Castellana 280 3. Castellana 278
City: Madrid City: Madrid City: Madrid Location: CBD Location: CBD Location: CBD GLA: 21,390 sqm GLA: 16,961 sqm GLA: 14,468 sqm
4. Castellana 93 5. Carlos Trías Bertrán 7 6. Castellana 83-85
City: Madrid City: Madrid City: Madrid Location: CBD Location: CBD Location: CBD GLA: 11,651 sqm GLA: 31,609 sqm GLA: 15,254 sqm
7. Príncipe de Vergara 187 8. Alfonso XI 6 9. Pedro de Valdivia 10
City: Madrid City: Madrid City: Madrid Location: CBD Location: CBD Location: CBD GLA: 10,732 sqm GLA: 10,917 sqm GLA: 6,721 sqm
10. Churruca 11. Alcalá 45 12. Alcalá 40
City: Madrid City: Madrid City: Madrid Location: CBD Location: CBD Location: CBD GLA: 17,358 sqm GLA: 18,655 sqm GLA: 9,315 sqm
ı 38 ı Appendix Office - Madrid (II) MERLIN Metrovacesa
13. Princesa 3 14. Princesa 5 15. Ventura Rodríguez 7
City: Madrid City: Madrid City: Madrid Location: CBD Location: CBD Location: CBD GLA: 17,810 sqm GLA: 17,810 sqm GLA: 10,070 sqm
16. Juan de Mariana 17 17. Juan Esplandiú 11-13 18. Eucalipto 33
City: Madrid City: Madrid City: Madrid Location: CBD Location: CBD Location: CBD GLA: 3,046 sqm GLA: 28,008 sqm GLA: 7,185 sqm
19. Eucalipto 25 20. Ulises 16 21. Josefa Valcárcel 48
City: Madrid City: Madrid City: Madrid Location: CBD Location: NBA Location: NBA GLA: 7,368 sqm GLA: 9,575 sqm GLA: 19,893 sqm
22. Arturo Soria 343 23. Manoteras 18 24. Fuente de la Mora 9
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: NBA GLA: 6,615 sqm GLA: 7,567 sqm GLA: 4,482 sqm
ı 39 ı Appendix Office - Madrid (III) MERLIN Metrovacesa
25. Santiago de Compostela 94 26. Costa Brava 2-4 27. Isla Chamartin (WIP)
City: Madrid City: Madrid City: Madrid Location: NBA Location: Periphery Location: NBA GLA: 9,429 sqm GLA: 16,000 sqm GLA: 16,639 sqm
28. Arroyo de Valdebebas 29. Via Norte 30. María de Portugal 9-13
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: NBA GLA: 10,856 sqm GLA: 37,224 sqm GLA: 17,191 sqm
31. María de Portugal 1,1 32. María de Portugal 1,2 33. María de Portugal 1,3
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: NBA GLA: 5,749 sqm GLA: 5,749 sqm GLA: 5,641 sqm
34. Las Tablas 35. Padres Dominicos 7 36. El Encinar
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: NBA GLA: 27,073 sqm GLA: 6,176 sqm GLA: 3,623 sqm
ı 40 ı Appendix Office - Madrid (IV) MERLIN Metrovacesa
37. Miniparc Alcobendas I 38. Miniparc Alcobendas II 39. Av. de Bruselas 24
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: NBA GLA: 9,429 sqm GLA: 2,872 sqm GLA: 9,164 sqm
40. Av. de Bruselas 26 41. Av. de Bruselas 33 42. Av. de Europa
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: Periphery GLA: 8,895 sqm GLA: 33,718 sqm GLA: 25,210 sqm
43. Francisca Delgado 9 44. Alvento 45. Cristalia
City: Madrid City: Madrid City: Madrid Location: Periphery Location: NBA Location: NBA GLA: 10,883 sqm GLA: 32,928 sqm GLA: 11,707 sqm
46. Trianón 47. Ribera del Loira 36-50 48. Ribera del Loira 60
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: NBA GLA: 18,441 sqm GLA: 39,298 sqm GLA: 54,960 sqm
ı 41 ı Appendix Office - Madrid (IV) MERLIN Metrovacesa
49. Partenón 12-14 50. Partenón 16-18 51. Av. de Aragón 334
City: Madrid City: Madrid City: Madrid Location: NBA Location: NBA Location: Periphery GLA: 19,289 sqm GLA: 18,343 sqm GLA: 3,890 sqm
52. Ática 1, 2, 3, 4 53. Ática 6 54. Ática XIX
City: Madrid City: Madrid City: Madrid Location: Periphery Location: Periphery Location: Periphery GLA: 7,080 sqm, GLA: 3,790 sqm GLA: 15,441 sqm 5,644 sqm, 5,746 sqm, 4,936 sqm
55. Cerro Gamos 1 56. El Plantío 57. Conpenhague 4-8
City: Madrid City: Madrid City: Madrid Location: Periphery Location: Periphery Location: Periphery GLA: 35,498 sqm GLA: 7,068 sqm GLA: 5,972 sqm
58. Alvia 59. Euronova
City: Madrid City: Madrid Location: Periphery Location: Periphery GLA: 23,569 sqm GLA: 32,663 sqm
ı 42 ı Appendix Office - Barcelona
ı 43 ı Appendix Office - Barcelona prime and CBD
Diagonal, 199 Diagonal Mar
Pza. Glories
Sagrada Familia Ronda de Dalt B-20 Barrio de Gracia
Diagonal, 458 Balmes, 236 - 238 Parc 22@ Vilanova 12 - 14 Port Olimpic
Avenida Diagonal Parc Ciutadella Diagonal, 514
Paseo de Gracia Pza. Cataluña Rambla de Cataluña Pza F. Macia Catedral Barceloneta Barrio Gótico
Pza. Mª Cristina
Ronda Litoral B-10
Port Barcelona Diagonal, 605
Gran Via de Las Cortes Catalanas Pza. España Camp Nou Stadium
Montjuïc Stadium
ı 44 ı Appendix Office - Barcelona (I) MERLIN Metrovacesa
1. Diagonal 605 2. Diagonal 514 3. Balmes 236-238
City: Barcelona City: Barcelona City: Barcelona Location: CBD Location: CBD Location: CBD GLA: 14,795 sqm GLA: 9,664 sqm GLA: 6,188 sqm
4. Diagonal 458 5. Diagonal 199 6. Poblenou 22@ Llull
City: Barcelona City: Barcelona City: Barcelona Location: CBD Location: CBD Location: NBA GLA: 4,033 sqm GLA: 5,934 sqm GLA: 32,552 sqm
7. Vilanova 12-14 8. Gran Vía Cortes 385 9. Citypark Cornella
City: Barcelona City: Barcelona City: Barcelona Location: CBD Location: CBD Location: Periphery GLA: 16,494 sqm GLA: 5,190 sqm GLA: 12,781 sqm
10. WTC 6 11. WTC 8 12. Muntadas I
City: Barcelona City: Barcelona City: Barcelona Location: NBA Location: NBA Location: NBA GLA: 14,461 sqm GLA: 14,542 sqm GLA: 24,380 sqm
ı 45 ı Appendix Office - Barcelona (II) MERLIN Metrovacesa
13. Muntadas II 14. Sant Cugat I 15. Sant Cugat II
City: Barcelona City: Barcelona City: Barcelona Location: NBA Location: NBA Location: NBA GLA: 3,783 sqm GLA: 15,379 sqm GLA: 10,102 sqm
ı 46 ı Appendix Shopping centers
ı 47 ı Appendix Shopping centers (I) MERLIN Metrovacesa
1. Marineda 2. Arturo Soria 3. Fnac Callao
City: A Coruña City: Madrid City: Madrid GLA: 99,925 sqm Location: 6,959 sqm(1) GLA: 11,648 sqm
4. Centro Oeste 5. Tres Aguas 6. Nassica
City: Madrid City: Madrid City: Madrid GLA: 33,000 sqm GLA: 65,890 sqm(2) GLA: 10,007 sqm
7. Opción 8. Artea 9. Las Arenas
City: Madrid City: Bilbao City: Barcelona GLA: 37,165 sqm GLA: 24,230 sqm GLA: 32,512 sqm
10. Vilamarina 11. La Fira 12. Porto Pi
City: Barcelona City: Reus City: Mallorca GLA: 31,874 sqm GLA: 27,454 sqm GLA: 58,779 sqm
ı 48 ı 1 MERLIN owns 50%. 2 MVC own 50%. Appendix Shopping centers (II) MERLIN Metrovacesa
13. El Saler 14. Factory Bonaire 15. La Vital
City: Valencia City: Valencia City: Gandía GLA: 23,034 sqm Location: 25,066 sqm GLA: 20,853 sqm
16. Thader 17. Larios 18. Monumental
City: Murcia City: Malaga City: Lisboa GLA: 48,646 sqm GLA: 45,076 sqm GLA: 5,495 sqm
19. Centre del Mon 20. Grande Armee
City: Perpignan City: Paris GLA: 10,382 sqm GLA: 8,359 sqm
ı 49 ı Appendix Logistics - Spain
ı 50 ı Appendix Logistics - Madrid
ı 51 ı Appendix Logistics - Madrid (I) MERLIN Metrovacesa
1. Madrid – Coslada 2. Madrid – Coslada Complex 3. Madrid – Meco I
City: Madrid City: Madrid City: Madrid GLA: 28,490 sqm GLA: 36,234 sqm GLA: 35,285 sqm
4. Madrid – Meco II 5. Guadalajara – Azuqueca I 6. Guadalajara – Azuqueca II
City: Madrid City: Guadalajara Barcelona City: Guadalajara GLA: 59,891 sqm GLA: 27,995 sqm GLA: 100,000 sqm
Azuqueca Plot
Madrid
7. Guadalajara – Alovera 8. Guadalajara – Cabanillas I 9. Guadalajara – Cabanillas II
City: Guadalajara City: Guadalajara City: Guadalajara GLA: 38,763 sqm GLA: 70,134 sqm GLA: 151,809 sqm
10. Guadalajara – Cabanillas III 11. Madrid-Getafe 12. Madrid-Getafe (Los Olivos)
City: Guadalajara City: Madrid City: Madrid GLA: 49,795 sqm GLA: 16,242 sqm GLA: 11,488 sqm
ı 52 ı Appendix Logistics - Madrid (II) MERLIN Metrovacesa
13. Madrid – Getafe (Gavilanes) 14. Madrid – Pinto
City: Madrid City: Madrid GLA: 39,576 sqm GLA: 70,000 sqm
ı 53 ı Appendix Logistics - Barcelona
ı 54 ı Appendix Logistics - Barcelona MERLIN Metrovacesa
1. Barcelona-ZAL Port 2. Barcelona – Lliça del Vall 3. Barcelona – Sant Esteve
City: Barcelona City: Barcelona City: Barcelona GLA: 380,824 sqm GLA: 14,911 sqm GLA: 16,812 sqm
4. Barcelona – Granada Penedés
City: Barcelona GLA: 16,758 sqm
ı 55 ı Appendix Logistics - Rest of Spain MERLIN Metrovacesa
1. Zaragoza – Plaza 2. Zaragoza – Pedrola 3. Valencia – Almussafes
City: Zaragoza City: Zaragoza City: Valencia GLA: 20,764 sqm GLA: 21,579 sqm GLA: 26,612 sqm
4. Vitoria - Jundiz
City: Vitoria GLA: 72,717 sqm
ı 56 ı Appendix High Street Retail
ı 57 ı Appendix Hotels
ı 58 ı Appendix Enhanced attractiveness and liquidity of MERLIN’s hotel division
Key metrics Presence in main gateway cities and coast
MERLIN Metrovacesa MERLIN Pre-transaction Hotels post-transaction # assets 12 12 24 # rooms 2,263 2,232 4,495 GAV (€ m) 398 256 654 GAV per room 198k 115k 154k (€/room) GRI (€ m) 23 15 38 Gross yield 5.9% 5.8% 5.8% ERV yield 5.9% 6.1% 6.0% Physical 100% 100% 100% occupancy (%) Mix between urban hotels and leisure resorts WAULT (years) 3.8 3.8 3.8
Managed by leading hotel operators
ı 59 ı Appendix Hotels (I) MERLIN Metrovacesa
1. Eurostars Torre Castellana 5* 2. NH Sanvy 4* 3. Barceló Torre de Madrid 4*(1)
City: Madrid City: Madrid City: Madrid Type: Urban Location: Urban Type: Urban GLA: 31,800 sqm GLA: 12,182 sqm GLA: 25,600 sqm #rooms: 474 #rooms: 146 #rooms: 256
4. Paseo del Arte 4* 5. Exe Puerta Castilla 4* 6. Barceló Castellana Norte 4*
City: Madrid City: Madrid City: Madrid Type: Urban Location: Urban Type: Urban GLA: 10,100 sqm GLA: 13,180 sqm GLA: 14,400 sqm #rooms: 101 #rooms: 262 #rooms: 144
7. Eurostars Gran Madrid 4* 8. Holiday Inn Tres Cantos 3* 9. Carris Marineda 4*
City: Madrid City: Madrid City: A Coruña Location: Urban Type: Urban Type: Urban GLA: 3,581 sqm GLA: 6,100 sqm GLA: 5,898 sqm #rooms: 100 #rooms: 61 #rooms: 113
10. Eurostars Gran Marina 5* 11. Novotel Barcelona 4* 12. AC Forum Barcelona 4*
City: Barcelona City: Barcelona City: Barcelona Type: Urban Type: Urban Type: Urban GLA: 20,030 sqm GLA: 26,400 sqm GLA: 21,414 sqm(2) #rooms: 274 #rooms: 264 #rooms: 184
ı 60 ı 1 Under construction. 2 MERLIN own 50%. Appendix Hotels (II) MERLIN Metrovacesa
13. Tryp Aeropuerto 4* 14. Eurostars Executive 4* 15. Tryp Oceanic 4*
City: Barcelona City: Barberá del Vallés City: Valencia Location: Urban Type: Urban Location: Vacational GLA: 10,125 sqm GLA: 11,800 sqm GLA: 9,308 sqm #rooms: 205 #rooms: 118 #rooms: 197
16. Holiday Inn Valencia 4* 17. Tryp Almussafes 3* 18. Playa Capricho 4*
City: Valencia City: Valencia City: Almeria Type: Urban Type: Vacational Type: Vacational GLA: 3,574 sqm GLA: 13,300 sqm GLA: 33,500 sqm #rooms: 100 #rooms: 133 #rooms: 335
19. Costa Park 4* 20. Tryp Alameda 4* 21. Tryp Jerez 4**
City: Málaga City: Málaga City: Jerez Type: Vacational Location: Urban Type: Urban GLA: 38,800 sqm GLA: 6,000 sqm GLA: 4,637 sqm #rooms: 388 #rooms: 136 #rooms: 98
22. Barceló Costa Ballena Golf 4* 23. Barceló Corralejo Bay 4* 24. Centre del Mon 3* / 4*
City: Costa Ballena City: Las Palmas City: Perpignan Location: Vacational Type: Vacational Type: Urban GLA: 15,524 sqm(1) GLA: 23,100 sqm GLA: 10,100 sqm #rooms: 74 #rooms: 231 #rooms: 101
ı 61 ı 1 MERLIN own 32.5%. Paseo de la castellana, 42 28046 MADRID +34 91 787 55 30 [email protected] www.merlinproperties.com