2018 ANNUAL GENERAL SHAREHOLDERS MEETING Madrid, 7 May 2018 - - PowerPoint PPT Presentation

2018 annual general shareholders meeting
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2018 ANNUAL GENERAL SHAREHOLDERS MEETING Madrid, 7 May 2018 - - PowerPoint PPT Presentation

2018 ANNUAL GENERAL SHAREHOLDERS MEETING Madrid, 7 May 2018 DISCLAIMER This presentation has been prepared by certain assumptions and estimates. These and, should there be an offering, will not be This presentation may include forward-


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Madrid, 7 May 2018

2018 ANNUAL GENERAL SHAREHOLDERS MEETING

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This presentation has been prepared by MERLIN 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. The information contained in this document is subject to change, verifjcation and completion without notice. Neither the Company nor any of affjliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness

  • f any information contained or referred to

in this document. Each of the Company and its affjliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affjliates, 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 verifjed by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. Additionally, certain information contained herein may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company’s

  • auditors. Recipients should not place undue

reliance on this information. The fjnancial information included herein may have not been reviewed for accuracy or completeness and, as such, should not be relied upon. 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, fjnancial condition and prospects of the Company. The distribution of this presentation in some jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. 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”), or the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualifjed Institutional Buyers (as defjned in Rule 144A under the Securities Act) in reliance on Rule 144A or another exemption from, or transaction not subject to, the registration requirements of the Securities

  • Act. 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

  • r Japan and, subject to certain exceptions,

may not be offered or sold within Canada or Japan or to or for the benefjt 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 NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. ANY DECISION TO PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLEL Y ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION ON THE COMPANY . This presentation may include forward- looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the fjnancial position, business strategy, management plans and objectives for future operations of the Company are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and

  • ther 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

  • r 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

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Financial results 2017 1 ı 2 ı 3 ı 4 Portfolio performance 1 ı 2 ı 3 ı 4 Board of Directors composition 5 Capital and debt events 6 ı 7 ı 8 ı 9 Remuneration report 12 Future outlook

Agenda items

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2017 Highlights | Financial and business performance

  • +2.0% FFO per share YoY, equivalent to +11.9% LfL growth, after overcoming

€ 0.06 per share due to the disposal of hotels in 2016

  • +18.0% EPRA NAV YoY, capturing the value created across the portfolio
  • DPS € 0.46, exceeding February 2017 guidance (€ 0.44)
  • Outstanding 21.6% total shareholder return
  • Capital structure: reduce leverage and limited exposure to future interest rate hikes

Financial performance

  • Excellent performance in offjce, shopping centers and logistics, with positive

LfL growth and release spread across the board

  • Occupancy growing at a steady pace in offjces and shopping centers and

accelerated in logistics

Business performance

  • Substantial value creation from WIP and refurbished assets delivered in the period
  • Development and refurbishment plan being executed on target

Value creation

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13.65

EPRA NAV+DPS 2017

11.23

EPRA NAV Dec-16

0.40

DPS 2017 EPRA NAV Dec-17

13.25

NAV growth 2017

2.02

TSR + 21.6%

(€ per share)

2017 Highlights | Total shareholders return (TSR) EXCELLENT RETURN TO SHAREHOLDERS IN 2017

Source: Company and Bloomberg

Share revaluation in 2017 +9.4% Revaluation + dividend per share in 2017 +13.3%

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€ 0.20

October 2017(1)

€ 0.26

AGM May 2018(1)

€ 0.46

Total

COMPLEMENTARY DIVIDEND PER SHARE(2) TOTAL PER SHARE

TOTAL FY 17 DIVIDEND € 216M

INTERIM DIVIDEND PER SHARE(1)

2017 Highlights | Proposed 2017 dividend TOTAL DISTRIBUTION OF € 216M FY 2017, € 29M AHEAD OF FEBRUARY GUIDANCE (+4.3%)

Source: Company

(1) Dividend holders are 469.7m shares (2) Subject to AGM approval

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1 ı 2 ı 3 ı 4

Agenda items

FINANCIAL RESULTS 2017

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Financial results 2017 | Key metrics +11.9%(1) INCREASE IN FFO PER SHARE AND +18% IN NAV PER SHARE

Recurring FFO

289.2 +11.9%(1)

Recurring AFFO

0.58

Recurring AFFO(2)

270.9

EPRA NAV

13.25

EPRA NAV

6,224.7 +18.0%

Per share vs 2016 € per share € million

+47.1%

IFRS net profjt

1,100.4

IFRS net profjt

2.34

(1)

Pro-forma YoY after overcoming € 0.05 net per share between 2016 sales and 2017 acquisitions

(2)

Recurring FFO less recurring investments in the portfolio

Recurring FFO

0.62 +11.7%(1)

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Financial results 2017 | Bridge gross rents OFFICE AND SHOPPING CENTERS SHOWING ROBUST UPWARDS TREND, ACCELERATED GROWTH IN LOGISTICS

(1)

Portfolio in operation in 2016 (€ 257.6m GRI) and in 2017 (€ 264.7m GRI)

(2)

Vestas, Endesa-Sevilla, UPS and Logista

(€m)

2016

351.0

2017

469.4

Like-for-Like growth

+7.0

LfL(1) +2.7%

Offices +2.9% Shopping centers +3.6% Logistics +8.4% High Street retail +0.9% Other +7.2%

Balance acquisitions, disposals and other

+111.4

Mainly Metrovacesa and Adequa

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0.62

FY 2017

0.60

FY 2016

0.07

Growth 2017

0.55

Disposals 2016 Acquisitions 2017

(0.06) 0.01

+ 11.9%

(€ per share)

FY 2016 net

  • f disposals

and acquisitions

MEANINGFUL FFO GROWTH OVERCOMING CASH FLOW LOST DUE TO 2016 DISPOSALS Financial results 2017 | Bridge FFO

Hotels disposal

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Financial results 2017 | Assets valuation summary

Average MERLIN(2)

10.5%

Offices

+13.2%

Shopping centers

+7.3%

Logistics

+17.5%

High street retail

+6.4% 866 5,219 1,753 2,348 648 11,254 421

Other(1) Offices Shopping centers High street retail Logistics Total Minority stakes

Source: Company

(1) Other includes logistics WIP developments, hotels, land under development, non-core land and miscellaneous (2) Including minority stakes and other assets

GAV (€ million) Like-for-Like GAV evolution

APPRAISALS PROGRESSIVELY REFLECTING IMPROVEMENTS IN THE QUALITY AND OCCUPANCY OF OUR PORTFOLIO AS WELL AS PREVAILING MARKET YIELDS, UNDERPINNED BY RECENT TRANSACTIONS PROVIDING GOOD BENCHMARKS

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Financial results 2017 | Financial debt breakdown

(€ million)

(509)(1)

Cash

4,904

Total net debt

% Over Gross Debt Average Cost (%)

vs 2.3% en 2016

% Hedged

874

Unsecured bank loans

16.1% 2.0% 96.7%

1,166

Secured loans

21.5% 2.7% 99.4%

3,250

Unsecured bonds

60.0% 2.1% 100.0%

124

Leasings

2.3% 3.1% 67.6% vs 88.7% en 2016

Total gross debt

5,413

100.0% 2.2% 99.6%

REDUCTION OF COST OF DEBT AND LIMITED EXPOSURE TO INTEREST RATE HIKES

Source: Company

(1) Cash balance includes cash avaliable at 31/12/2017 (€ 457.4m) and net receivables from the sale of hotels(€ 50,8m)

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Unsecured loans Secured loans Leasing Unsecured bonds

5 9 124

2018

27 14

2019

2 83

2020

840 138 41 85 856 719 869 838 758 1,110 16

2021

700 19

2022

850 19

2023

838

2024

600 158

2025

1,100 10

+2026

Average maturity

6.1 years

Financial results 2017 | Debt schedule and metrics

Source: Company

Liquidity position

€ 929m

Average maturity

6.1 years

LTV

43.6%

Unsecured debt

78.5%

FURTHER LEVERAGE REDUCTION AND MATURITY PROFILE OPTIMIZED

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1 ı 2 ı 3 ı 4

Agenda items

PORTFOLIO PERFORMANCE

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Portfolio performance | Breakdown INCREASE OF LOGISTICS WEIGHT

Source: Company 2017 includes offjces and logistics development

(1) Other includes hotels, non-core land and others

47% 23% 20% 7% 3%(1) 46% 20% 18% 13% 3%(1)

Offices Logistics High street retail Shopping centers Other

GRI 2016 GRI 2017 (PRO-FORMA)

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89.4%

Occupancy 31/12/17 WAULT(1)

3.1 2.7 1.4 88.2% 76.7%

Offices Shopping centers(2)

6.7 years

Average MERLIN

92.6%

(91.3% in 2016)

3.7 98.5%

Logistics

19.3 99.4%

High Street retail Other

Portfolio performance | Occupancy and WAULT INCREASE IN OCCUPANCY WITH STABLE LEASE MATURITY PROFILE

Source: Company

(1) WAULT weighted by the gross rent, calculated as the average period until the lease contract expiration, as from 31 December 2017 (2) Excluding Opción SC

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LfL rent growth 17vs16(1) sqm contracted Release spread(2) #contracts Occupancy 31/12/17 Occupancy YoY (bps)

Offices

+2.9% 456,921 +3.4% 237 88.2% +28

Shopping centers

+3.6% 108,411 +4.7% 166 89.4% +78

High Street retail

+0.9%

  • 99.4%

(59)

Logistics

+8.4% 284,667 +13.4% 13 98.5% +315

Other

+7.2%

  • 76.7%

+20

TOTAL +2.7% 849,999 416 92.6% +132

Portfolio performance | Business performance in 2017 GOOD TRADING PERFORMANCE ACROSS THE BOARD

(1)

Assets in operation in 2016 as well as 2017 according to EPRA standards. Offjce portfolio comparable as being in operation in 2016 (€ 97.0m) and 2017 (€ 99.8m). Shopping centers portfolio comparable as being in operation in 2016 (€ 39.1m) and 2017 (€ 40.5m). Logistics portfolio comparable as being in operation in 2016 (€ 15.8m) and 2017 (€ 17.1m).

(2) Variation in the nominal rent in renewals and relets occurred in the entire portfolio in 2017

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Portfolio performance | Projects delivered in 2017

Puerta de las Naciones 3

+18%

Eucalipto 33

+15%

  • Avda. Europa

1A

+34%

Juan Esplandiu

+24%

Offjce

Thader

+44%

Shopping Centers

Zal Port

+42%

Testa Residencial

+18%

Minority stakes

Madrid-Meco II

+56%

Madrid-Pinto

+27%

Cabanillas Park I

+33%

Logistics

STRONG REVALUATION IN THE ASSETS REFURBISHED OR DEVELOPED IN 2017

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BOARD OF DIRECTORS COMPOSITION

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Agenda items

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BoD composition | BoD / Audit &Control / Remuneration & Nomination BOARD REDUCED TO 12 MEMBERS: 8 INDEPENDENT / 2 PROPRIETARY / 2 EXECUTIVE

Mónica Martín de Vidales Secretary Ildefonso Polo del Mármol Vice-Secretary Javier García-Carranza Non-Executive Chairman Ismael Clemente CEO & Executive Vice-Chairman Miguel Ollero Francisca Ortega María Luisa Jordá Ana García Fau Fernando Ortiz Chairman A&R Committee Donald Johnston John Gómez Hall Juan María Aguirre Chairman A&C Committee Pilar Cavero Emilio Novela

Appointments and Remuneration Committee Audit and Control Committee Independent Directors Executive Director Proprietary Director

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CAPITAL & DEBT EVENTS

6 ı 7 ı 8 ı 9

Agenda items

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Capital & debt events | Proposal to shareholders STANDARD AUTORIZATIONS TO MANAGE BALANCE SHEET EFFICIENTLY

#6

Equity

Delegation to the Board (5 years) of the power to increase capital up to:

  • 50% of current capital, with rights
  • 20% of current capital, without rights

Delegation to the Board (5 years) to issue up to € 1bn of convertible debt

  • bligations

#8

Convertibles

Delegation to the Board (5 years) of the power to issue up to € 5bn

  • f bonds and € 500m of commercial paper

#9

Debt

Treasury stock up to 10% of current capital

#7

Treasuty stock

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REMUNERATION REPORT

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Agenda items

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Comp 1 Comp 3 Comp 4 Comp 5 Comp 6 Comp 7 Comp 8 Comp 9 Comp 10

AVERAGE European peers

Comp 2

70

56 27 23 22 21 20 19 18 10

25

43

Remuneration report | Productivity HIGHEST GAV/EMPLOYEE RATIO IN EUROPE

Source: Companies reported fjnancial statements

(€ million)

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Remuneration report | Effjciency

OVERHEADS AND LONG TERM INCENTIVES AS A % OF NAV MERLIN 2017

1.0%

0.4%

LTIP

0.6%

Overheads & salaries

European peers 2017(1)

1.5%

0.3%

LTIP

1.2%

Overheads & salaries

Source: Company

(1) Colonial, Axiare, Hispania, Lar España, Klapierre, Unibail Rodamco, British Land, Gecina, Land Securities, Foncière des Régions, Hammerson, Icade, Segro e Intu

LOWEST COST BASE IN SPAIN AND ONE OF THE LOWEST IN EUROPE

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Remuneration report | Equality

MERLIN IBEX-35 €52,405 Total Variable Fixed Total

Average compensation per employee (ex- 2 Executive Directors) Lead executive pay / Average pay

Highest average compensation in IBEX-35 Lowest salary discrimination in IBEX-35 LTIP applied to 25% of staff Variable remuneration represents 53% of compensation All employees receive a cash bonus

Source: Towers Watson (ex-LTIP) and Company

€67,866 €60,568 €128,434 19x 117x MERLIN IBEX-35

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Remuneration report | Numerical test by ISS

Alignment between MERLIN’s performance and pay vs comparables MERLIN has achieved average score in the multiple over median analysis due to the inclusion by ISS of two non-comparable companies. If excluded the score would have been High Multiple MERLIN’s pay over median pay of comparables Score: Average

A B

Performance Pay

100% 50% 0% 0% 50% 100%

High Average Low

Score ISS multiple 2.9x 4.0x

Score: High

MERLIN MERLIN 2017

(2.7x) 3.0x

MERLIN 2016

4.3x

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Remuneration report | Non-numerical test by ISS ISS non-numerical test is based upon a matrix with 17 items scored by ISS with a “tick the mark” approach. These items are: disclosure, individual and global caps, dilution of share plans, alignment between pay and performance, long-term orientation and a generic item called “Other” MERLIN has obtained a “Good tick” in 16 out of 17 items (11 out of 17 in 2016) ISS has recommended voting against in the “Other” chapter due to the potential maximum pay opportunity for executive directors in case of outstanding performance We think that ISS focuses their analysis on the individual compensation of executive directors but does not factor the overall compensation of a given company or its effjciency ratio ISS approach ranks better companies with executives paid below average but leading low effjcient companies instead of companies with well paid executives leading highly effjcient companies ISS misses perks in their analysis, namely personal expenses of executive directors that are accounted for as overheads instead of salaries. No perks exist in MERLIN

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OUTLOOK 2018

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Future outlook | Our forecast for 2018

Offjce

  • Growth in employment drives up occupancy and rents
  • Strong lease-up activity maintaining incentives at bay
  • Implementation of Landmark Plan I
  • Growth in private consumption underpins footfall and retail sales
  • Growth in occupancy is expected
  • Implementation of Flagship Plan, with the imminent delivery of Arturo Soria, start of works

in Larios and substantial progress in the works for X-Madrid

Shopping centers

  • Spain expected to be one of the countries where on-line sales will grow the most
  • Prices on new contracts and release spreads expected to continue increasing
  • Best Plan II: rapid implementation to accommodate a rapidly growing demand

Logistics

  • Future investments focused in expanding footprint in Portugal: target to become a leading
  • ffjce and logistics player combined with gaining presence in prime retail
  • Divestment activity will resume in 2018: Testa Residencial, Aedas Homes and non-core
  • Higher critical mass will translate into lower overheads expense which will be reduced from

0.6% of NAV to 0.575% for 2018 and 2019 (0.55% from 2020 onwards)

  • Prudent management of balance sheet to continue reducing leverage

Corporate

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DIVIDEND GUIDANCE CALCULATED ON THE BASIS OF 80% OF AFFO + GAINS FROM ASSETS DISPOSALS October 2018

€ 0.20

AGM 2019

€ 0.30

INTERIM FINAL(1)

Total

€ 0.50

TOTAL

Payment in two instalments in cash

MANAGEMENT GUIDANCE FOR DISTRIBUTION FY 2018: MINIMUM OF € 235M (€ 0.50 PER SHARE) (+9% VS 2017)

Outlook 2018 | Shareholders remuneration guidance 2018

Source: Company

(1) Following approval by AGM of 2018 accounts

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Future outlook | Landmark Plan I

Investment

€ 250 million

Delivery Torre Chamartín Start of works Adequa

Plan

Upscaling refurbishments Prime locations Quick growth in rents and valuation

2018

Monumental

2020

Diagonal 605 Plaza Ruíz Picasso Marqués de Pombal 3

2019

Alcalá 40

2021

Alfonso XI

Assets

Torre Glòries Castellana 85

New developments

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Future outlook | Landmark Plan I

Torre Glòries

One of the most iconic buildings in Barcelona Reconversion into multitenancy Creation of a unique observatory in Barcelona

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Future outlook | Landmark Plan I

Torre Glòries

G.L.A. 37,614 sqm Investment € 15 million

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Future outlook | Landmark Plan I

Monumental

Full reburbishment to create the best building in prime CBD Lisbon Façade | Lobby | Common areas Elevators | Installations | Retail area

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Future outlook | Landmark Plan I

Monumental

G.L.A. 16,892 sqm Investment € 23 million

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Future outlook | Landmark Plan I

Diagonal 605

Full reburbishment Façade | Lobby | Common areas | Installations Diagonal access | Flagship unit

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Future outlook | Landmark Plan I

Diagonal 605

G.L.A. 14,795 sqm Investment € 8 million

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Future outlook | Landmark Plan I

Marqués de Pombal 3

Reburbishment of lobby and common areas Creation of a new outdoor area

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Future outlook | Landmark Plan I

Marqués de Pombal 3

G.L.A. 12,460 sqm Investment € 3 million

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Future outlook | Landmark Plan I

Castellana 85

Full reburbishment Façade | Lobby | Common areas | Installations

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Future outlook | Landmark Plan I

Castellana 85

G.L.A. 15,254 sqm Investment € 25 million

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Future outlook | Landmark Plan I

Plaza Ruíz Picasso

Full reburbishment to create the building with the largest floorplants and highest specifications in Azca

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Future outlook | Landmark Plan I

Plaza Ruíz Picasso

G.L.A. 31,576 sqm Investment € 30 million

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Future outlook | Landmark Plan I

Alcalá 40

Full reburbishment and creation of ground floor + mezzanine area for flagship store

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Future outlook | Landmark Plan I

Alcalá 40

G.L.A. 9,315 sqm Investment € 12 million

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Future outlook | Landmark Plan I

Alfonso XI

Full reburbishment Façade | Lobby relocation | Common areas Installations | Outdoor garden

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Future outlook | Landmark Plan I

Alfonso XI

G.L.A. 9,945 sqm Investment € 10 million

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Torre Chamartín

Future outlook | Developments

Strategic location between the M-30 and M-11 Excellent vilisibility and accesses LEED Platinum building

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Torre Chamartín

Future outlook | Developments

G.L.A. 17,733 sqm Investment € 31 million

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Future outlook | Developments

Adequa

PHASE I PHASE II Integrated complex | Demolition of physical barriers Parking | Services building Development of tower + building

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Future outlook | Developments

Adequa

PHASE I G.L.A. 75,928 sqm PHASE II G.L.A. 44,886 sqm Investment € 10 million Investment € 60 million

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Future outlook | Plan Flagship

Investment

€ 120 million

Assets Plan

Refurbishment of shopping centers Convert our shopping centers in the fmagship store of online retail

  • Create experience
  • Implement technology
  • Convergence of online

and physical sales

2018

Arturo Soria Plaza Artea

2021 2020

Porto Pi

2019

Larios El Saler Tres Aguas

Start of works X-Madrid

New developments

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Future outlook | Flagship Plan

Arturo Soria

Deep renovation Façade | Common areas | Terraces | Parking

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Future outlook | Flagship Plan

Arturo Soria

G.L.A. 6,959 sqm Investment € 5 million

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Future outlook | Flagship Plan

Larios

Full refurbishment Façade | Common areas | Vertical communication Convert part of supermarket into fashion | Reconversion of cinemas into F&B

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Future outlook | Flagship Plan

Larios

G.L.A. 45,076 sqm Investment € 21 million

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Future outlook | Flagship Plan

El Saler

PHASE I Accesses from parking completed PHASE II Common areas PHASE III Façade + extension (2,700 sqm) Full refurbishment in 3 phases

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Future outlook | Flagship Plan

El Saler

G.L.A. 47,013 sqm Investment € 15 million

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Future outlook | Flagship Plan

Tres Aguas

Full refurbishment Façade | Common areas | Terraces

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Future outlook | Flagship Plan

Tres Aguas

G.L.A. 67,009 sqm Investment € 20 million

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Future outlook | Flagship Plan

Porto Pi

Full refurbishment Façade | Common areas Vertical communication | Terraces

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Future outlook | Flagship Plan

Porto Pi

G.L.A. 58,779 sqm Investment € 16 million

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Future outlook | Developments

X-Madrid

Creation of a unique and groundbreaking concept Shopping center focused on experiences and cutting edge retailers Diving | Surf | Climbing Gourmet dining | VIP cinemas

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Future outlook | Developments

X-Madrid

G.L.A. 47,424 sqm Investment € 32 million

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Future outlook | Best Plan II

€ 250 million

Development

  • f the best

footprint in the Iberian market

  • Best specifjcations
  • Best locations
  • Widest array of product

Investment Assets Plan

2018

Madrid Pinto II B Madrid San Fernando II Guadalajara Cabanillas Park I F Madrid Azuqueca II Zaragoza Plaza Logistics Seseña Cabanillas X

2019

Guadalajara Cabanillas Park II

2021 2020

Madrid Azuqueca III

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Future outlook | Best Plan I

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Madrid, 7 May 2018

2018 ANNUAL GENERAL SHAREHOLDERS MEETING