Merlin Properties SOCIMI S A : Financial report

August 10, 2022 at 10:21 am EDT

Valuation Advisory

Client:	MERLIN Properties Socimi S.A.
Property:	Portfolio in SPAIN
30th June 2022

Jones Lang Lasalle, S.A.

Paseo de la Castellana, 79 28046 Madrid Tel. +34 91-789 11 00

Fax. +34 91-789 12 00

Contents

1.	Introduction......................................................................................................................................................	1
1.1.	Scope of Instructions: ...................................................................................................................................	1
1.2.	Properties:.......................................................................................................................................................	1
1.3.	Tenure: .............................................................................................................................................................	3
1.4.	Valuation Date:...............................................................................................................................................	3
1.5.	Purpose of Valuation: ...................................................................................................................................	3
1.6.	Inspection:.......................................................................................................................................................	3
1.7.	Personnel:........................................................................................................................................................	3
1.8.	Status: ..............................................................................................................................................................	3
1.9.	Disclosure: .......................................................................................................................................................	3
1.10.	Taxation: ..........................................................................................................................................................	3
1.11.	Source of Information: .................................................................................................................................	3
1.12.	General assumptions ....................................................................................................................................	4
1.13.	MARKET CONDITIONS CLAUSE: Market conditions explanatory note: Conflict in Ukraine.........	4
1.14.	Basis of Valuation: .........................................................................................................................................	4
1.15.	Potential Transaction:..................................................................................................................................	5
1.16.	Assumptions....................................................................................................................................................	5
1.17.	Charges.............................................................................................................................................................	5
1.18.	Confidentiality................................................................................................................................................	6
2.	Valuation ...........................................................................................................................................................	7
2.1.	Valuation Methodology: ...............................................................................................................................	7
2.2.	Market Value ...................................................................................................................................................	8
2.3.	Verification ......................................................................................................................................................	8
2.4.	Signature .........................................................................................................................................................	8
Annex 1 - General Principles of Valuation ...............................................................................................................	9
Annex 2: General Terms and Conditions of Business ..........................................................................................	11

Portfolio of offices in Madrid (Spain) - 30th of June 2022

MERLIN PROPERTIES

1. Introduction

Jones Lang LaSalle España, S.A. Pº de la Castellana, 79 - 4ª Planta, 28046 Madrid tel +34 91 789 11 00 fax +34 91 789 12 00 CIF: A-78492303/ VAT: ES A78492303

Consejo de Administración

MERLIN Properties, Socimi, S.A.

Pº. de la Castellana, 257.

28046 Madrid / Spain

A/atn. Sr.D. Miguel Ollero

Director General Corporativo / COO

6th July 2022

1.1. Scope of Instructions:

We thank you for your recent instruction, asking us to provide you with the Market Value (MV) in respect of the portfolio of properties in Madrid (Spain) of Merlin Properties Socimi S.A., as of 30th June 2022. In accordance with your instructions we have carried out a valuation for accounting purposes of the freehold interest of various assets located in Spain.

We have made all relevant enquiries for the purpose of providing you with our opinion of value as at 30th June

2022.

1.2. Properties:

Portfolio of assets owned by MERLIN Properties Socimi S.A. comprising of 61 assets (in total, 84 buildings, mainly offices, but also including 1 underground parking located at Plaza de los Cubos and 3 land plots for office development) located in Madrid.

					%		TOTAL GLA		Total
Unit	PROPERTY	LOCATION		TIPOLOGY			parking
		ownership	(sq m)
(ID Merlin)							(units)



F0010046	Juan Esplandiu 11-13	Madrid		Offices	100%		28.008	437

F0010076	Pedro de Valdivia 10	Madrid		Offices		100%		6.721		98
F0010085	Principe de Vergara 187	Madrid		Offices	100%		10.732	165

F0010083	Princesa 3	Madrid		Offices		100%		17.810		40
F0010084	Princesa 5	Madrid		Offices	100%		5.788	13

F0010060	Parking Princesa	Madrid		Offices		100%		0		840
F0010061	Partenon 12-14	Madrid		Offices	100%		19.609	313

F0010062	Partenon 16-18	Madrid		Offices		100%		18.343		357
F0010044	Josefa Valcarcel 48	Madrid		Offices	100%		19.893	357

F0010005	Atica 1	Pozuelo de Alarcón		Offices		100%		7.080		165
F0010006	Atica 2	Pozuelo de Alarcón		Offices	100%		5.645	123

F0010007	Atica 3	Pozuelo de Alarcón		Offices		100%		5.746		113
F0010008	Atica 4	Pozuelo de Alarcón		Offices	100%		5.260	98

F0040004	Atica 5	Pozuelo de Alarcón		Offices		100%		10.576		113
F0010009	Atica 6	Pozuelo de Alarcón		Offices	100%		3.790	58

F0010065	PE Atica XIX	Pozuelo de Alarcón		Offices		100%		15.411		457
	PE Atica XIX	Pozuelo de Alarcón		Land for development	100%		5.000	83

Portfolio of offices in Madrid (Spain) - 30th of June 2022

MERLIN PROPERTIES

F0010013	Avenida de Bruselas 33	Alcobendas	Offices	100%	33.718	879
F0010011	Avenida de Bruselas 24	Alcobendas	Offices	100%	9.163	268

F0010012	Avenida de Bruselas 26	Alcobendas	Offices	100%	8.895	228
F0010106	Ventura Rodriguez 7	Madrid	Offices	100%	10.070	30

F0010022	Castellana 85	Madrid	Offices	100%	16.474	275
F0010036	Eucalipto 25	Madrid	Offices	100%	7.412	139

F0010037	Eucalipto 33	Madrid	Offices	100%	7.301	125
F00100961	Torre Castellana 259	Madrid	Offices	100%	21.390	631

F0010087	Ribera del Loira 60	Madrid	Offices	100%	54.960	1.253
F0040005	Maria de Portugal T2	Madrid	Offices	100%	17.140	414

F0040002	Aquamarina	Madrid	Offices	100%	10.685	336
F0040006	Avenida de Burgos 210	Madrid	Offices	100%	7.376	134

F0040001	Alcala 40	Madrid	Offices	100%	9.315	0
F0040003	Arturo Soria 128	Madrid	Offices	100%	3.251	81

F0040011	Adequa 1	Madrid	Offices	100%	28.320	1.276
F0040012	Adequa 2	Madrid	Offices	100%	3.710	174

F0040013	Adequa 3	Madrid	Offices	100%	15.937	342
F0040014	Adequa 4	Madrid	Land for development	100%	15.793	300

F0040015	Adequa 5	Madrid	Offices	100%	13.790	364
F0040016	Adequa 6	Madrid	Offices	100%	13.789	251

F0040017	Adequa 7	Madrid	Land for development	100%	32.109	864
F0010023	Castellana 93	Madrid	Offices	100%	11.621	331

F0010034	Elipse	Madrid	Offices	100%	7.516	86
F0010069	PE Las Tablas	Madrid	Offices	100%	27.184	682

F0010074	PE Sanchinarro	Madrid	Offices	100%	17.191	401
F0010035	Encinar	Madrid	Offices	100%	3.623	122

F0010064	PE Alvia	Madrid	Offices	100%	23.567	1.046
F0010063	PE Alvento	Madrid	Offices	100%	32.913	689

F0010094	Plaza Ruiz Picasso	Madrid	Offices	100%	35.645	0
F0010092	Santiago de Compostela 94	Madrid	Offices	100%	13.129	219

F0010067	PE Churruca	Madrid	Offices	100%	17.060	79
F0010073	PE Puerta de las Naciones	Madrid	Offices	100%	39.151	592

F7010001	Alfonso XI	Madrid	Offices	100%	9.944	104
F0010028	Cristalia	Madrid	Offices	100%	11.700	257

F0010004	Arturo Soria 343	Madrid	Offices	100%	6.621	123
F0010038	Fuente de la Mora	Madrid	Offices	100%	4.482	102

F0010075	PE Via Norte	Madrid	Offices	100%	37.224	816
F0010021	Castellana 278	Madrid	Offices	100%	14.468	287

F0040010	Castellana 280	Madrid	Offices	100%	16.920	131
F0010015	Avenida de Europa 1A	Alcobendas	Offices	100%	12.606	405

F0010014	Avenida de Europa 1B	Alcobendas	Offices	100%	12.605	395
F0010066	PE Cerro Gamos	Pozuelo de Alarcón	Offices	100%	36.105	1.299

F0040007	Torre Chamartin	Madrid	Offices	100%	18.295	468
	Velázquez 22	Madrid	Offices	65%	4.667	0

Portfolio of offices in Madrid (Spain) - 30th of June 2022

MERLIN PROPERTIES

1.3. Tenure:

We understand that the properties are held under the Spanish equivalent of a freehold title by "Grupo MERLIN Properties Socimi S.A."

For our valuation we have assumed that the properties are free of encumbrances, outgoings or other outgoings of an onerous nature. No account has been taken of any mortgages, debentures or other security which may exist now or in the future over the property. We have assumed that where consent from a statutory authority is required for development/alterations to a property, such consent has been obtained for any existing buildings or structures.

Valuation Date: 30 th June 2022.
Purpose of Valuation:

We understand that the valuation report is to be prepared for the use of MERLIN Properties Socimi S.A. for internal management and accounting purposes.

1.6. Inspection:

For the purpose of this exercise, we have inspected the properties as of the valuation date.

1.7. Personnel:

We confirm that the personnel responsible for these valuations are qualified for the purpose of the valuation in accordance with the RICS Appraisal and Valuation Standards.

1.8. Status:

In preparing this valuation we have acted as external valuers, subject to any disclosures made to you.

1.9. Disclosure:

We have not had any recent involvement in these properties.

1.10. Taxation:

No allowance has been made of any expenses of realisation, or for taxation (including VAT) which might arise in the event of disposal and the properties and have been considered free and clears of all mortgages or other charges.

The values presented are net after deducting purchaser's costs such as real estate transfer tax and other expenses.

1.11. Source of Information:

We have relied upon the information provided by MERLIN Properties Socimi S.A. regarding areas, rent roll, lease agreements, car park spaces, passing rents, sales, etc.

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original Link
Original Document
Permalink

Disclaimer

MERLIN Properties SOCIMI SA published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 14:20:06 UTC.

	1st Jan change	Capi.
MERLIN PROPERTIES SOCIMI, S.A.	+1.49%	5.12B
REALTY INCOME CORPORATION	-7.63%	44.81B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.74%	20.38B
SEGRO PLC	-4.26%	12.86B
UNIBAIL-RODAMCO-WESTFIELD SE	+12.22%	11.1B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-8.74%	9.2B
CAPITALAND ASCENDAS REIT	-15.51%	8.36B
FEDERAL REALTY INVESTMENT TRUST	-3.18%	8.17B
KLÉPIERRE	-0.32%	7.42B
FIBRA UNO	-14.98%	5.93B

1st Jan change

Capi.

MERLIN PROPERTIES SOCIMI, S.A.

+1.49%

5.12B

REALTY INCOME CORPORATION

-7.63%

44.81B

ALEXANDRIA REAL ESTATE EQUITIES, INC.

-8.74%

20.38B

SEGRO PLC

-4.26%

12.86B

UNIBAIL-RODAMCO-WESTFIELD SE

+12.22%

11.1B

CAPITALAND INTEGRATED COMMERCIAL TRUST

-8.74%

9.2B

CAPITALAND ASCENDAS REIT

-15.51%

8.36B

FEDERAL REALTY INVESTMENT TRUST

-3.18%

8.17B

KLÉPIERRE

-0.32%

7.42B

FIBRA UNO

-14.98%

5.93B

Market Closed - BME Other stock markets 11:35:17 2024-04-19 am EDT			After market 03:59:58 pm
10.21 ^EUR	-0.39%		10.19	-0.20%

Feb. 29	Spain's Colonial swings to $1.1 billion loss as property values drop	RE
Feb. 29	Transcript : MERLIN Properties SOCIMI, S.A., 2023 Earnings Call, Feb 29, 2024

Spain's Colonial swings to $1.1 billion loss as property values drop	Feb. 29	RE
Transcript : MERLIN Properties SOCIMI, S.A., 2023 Earnings Call, Feb 29, 2024	Feb. 29
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	Feb. 29	CI
Meta rents Spanish real estate company Merlin's data centres, Cinco Dias says	Jan. 31	RE
Madrid's new business district aims to learn from rivals	Jan. 11	RE
US Futures, European Stocks Fall as Investors Await Fresh Cues	Nov. 28	DJ
Transcript : MERLIN Properties SOCIMI, S.A., Nine Months 2023 Earnings Call, Nov 17, 2023	Nov. 17
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the Nine Months Ended September 30, 2023	Nov. 16	CI
Spain's Colonial posts 9-month loss of 299 million euros	Nov. 09	RE
Transcript : MERLIN Properties SOCIMI, S.A., Q2 2023 Earnings Call, Jul 28, 2023	23-07-28
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the Half Year Ended June 30, 2023	23-07-27	CI
Spanish property group Colonial sinks to loss as asset values fall	23-07-27	RE
Colonial turns to loss as its assets lose value	23-07-27	RE
Transcript : MERLIN Properties SOCIMI, S.A., Q1 2023 Earnings Call, May 12, 2023	23-05-12
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the First Quarter Ended March 31, 2023	23-05-11	CI
MERLIN Properties SOCIMI, S.A. acquired Galician shopping center.	23-04-12	CI
MERLIN Properties SOCIMI, S.A. acquired El Corte Inglés retail space in Marineda City.	23-04-12	CI
Indotek-Investments Alapkezelo Zartkoruen Mukodo Reszvenytarsasag - Plaza Invest Ingatlanalap Fund agreed to acquire Factory Bonaire and Vilamarina from MERLIN Properties SOCIMI, S.A. €22 million .	23-04-03	CI
Transcript : MERLIN Properties SOCIMI, S.A., 2022 Earnings Call, Feb 28, 2023	23-02-28
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the Full Year Ended December 31, 2022	23-02-27	CI
Spain's Merlin Properties Secures $678 Million Of Green Corporate Financing	22-11-21	MT
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the Nine Months Ended September 30, 2022	22-11-09	CI
MERLIN Properties SOCIMI, S.A. acquired Office building in Madrid from El Corte Inglés, S.A. for €11 million.	22-09-15	CI
Transcript : MERLIN Properties SOCIMI, S.A., H1 2022 Earnings Call, Jul 29, 2022	22-07-29
MERLIN Properties SOCIMI, S.A. Reports Earnings Results for the Half Year Ended June 30, 2022	22-07-28	CI

Merlin Properties SOCIMI, S.A.

Equities

MRL

ES0105025003

Commercial REITs

Merlin Properties SOCIMI S A : Financial report

Latest news about Merlin Properties SOCIMI, S.A.

Chart Merlin Properties SOCIMI, S.A.

Company Profile

Income Statement Evolution

Ratings for Merlin Properties SOCIMI, S.A.

Analysts' Consensus

EPS Revisions

Quarterly revenue - Rate of surprise

Sector Other Commercial REITs