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Madrid, 7 May 2018
2018ANNUAL GENERAL
SHAREHOLDERS MEETING
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, verification and completion without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its affiliates, 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 affiliates, 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 verified 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 financial 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, financial 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 Qualified Institutional Buyers (as defined 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 or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit 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 SOLELY 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 financial 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 other 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 or 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
2
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
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 office, shopping centers and logistics, with positive LfL growth and release spread across the board
• Occupancy growing at a steady pace in offices and shopping centers and accelerated in logistics
Businessperformance
• Substantial value creation from WIP and refurbished assets delivered in the period
• Development and refurbishment plan being executed on targetValue creation
4
Fuente: Compañía
13.65
EPRA NAV+DPS 2017
11.23
EPRA NAVDec-16
0.40
DPS2017
EPRA NAVDec-17
13.25
NAV growth2017
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%5
€ 0.20
October 2017(1)
€ 0.20
AGM 2017(2)
€ 0.40
Total
€ 0.20
September 2016(1)
€ 0.26
AGM May 2018(1)
€ 0.40
Total
€ 0.20
September 2016(1)
€ 0.20
AGM 2017(2)
€ 0.46
Total
COMPLEMENTARYDIVIDEND
PER SHARE(2)
TOTAL PER SHARE
TOTAL FY 17 DIVIDEND
€ 216M
Fuente: Compañía(1) El número de accionistas con derecho a percibir el dividendo son 323,0 millones.(2) El número de accionistas con derecho a percibir el dividendo son 469,7 millones.
INTERIMDIVIDEND
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
6
1 ı 2 ı 3 ı 4Agenda items
FINANCIAL RESULTS 2017
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 profit
1,100.4
IFRS net profit
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)
8
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 Metrovacesaand Adequa
9
0.62
FY 2017
0.60
FY 2016
0.07
Growth2017
0.55
Disposals 2016
Acquisitions 2017
(0.06)
0.01
+ 11.9%(€ per share)
FY 2016 net of disposals
and acquisitions
MEANINGFUL FFO GROWTH OVERCOMING CASH FLOW LOST DUE TO 2016 DISPOSALS
Financial results 2017 | Bridge FFO
Hotelsdisposal
10
Financial results 2017 | Assets valuation summary
GAV (€ million)
Like-for-LikeGAV evolution Average
MERLIN(2)
10.5%
Offices
+13.2%
Shoppingcenters
+7.3%
Logistics
+17.5%
High street retail
+6.4%
866
5,219
1,7532,348
648
11,254
421
Other(1)Offices Shoppingcenters
High street retail
Logistics TotalMinoritystakes
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-LikeGAV evolution Average
MERLIN(2)
10.5%
Offices
+13.2%
Shoppingcenters
+7.3%
Logistics
+17.5%
High street retail
+6.4%
866
5,219
1,7532,348
648
11,254
421
Other(1)Offices Shoppingcenters
High street retail
Logistics TotalMinoritystakes
GAV (€ million)
Like-for-LikeGAV evolution Average
MERLIN(2)
10.5%
Offices
+13.2%
Shoppingcenters
+7.3%
Logistics
+17.5%
High street retail
+6.4%
866
5,219
1,7532,348
648
11,254
421
Other(1)Offices Shoppingcenters
High street retail
Logistics TotalMinoritystakes
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
11
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
Unsecuredbank loans
16.1%
2.0%
96.7%
1,166
Secured loans
21.5%
2.7%
99.4%
3,250
Unsecuredbonds
60.0%
2.1%
100.0%
124
Leasings
2.3%
3.1%
67.6% vs 88.7% en 2016
Totalgross debt
5,413
100.0%
2.2%
99.6%
Fuente: Compañía (1)
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)
12
Unsecured loans
Secured loans
Leasing
Unsecured bonds
59124
2018
2714
2019
283
2020
840
138
4185
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 yearsLTV
43.6%
Unsecured debt
78.5%
FURTHER LEVERAGE REDUCTION AND MATURITY PROFILE OPTIMIZED
CONTINÚA LA REDUCCIÓN DE APALANCAMIENTO Y SE OPTIMIZA EL CALENDARIO DE VENCIMIENTOS
13
1 ı 2 ı 3 ı 4Agenda items
PORTFOLIO PERFORMANCE
Portfolio performance | Breakdown
INCREASE OF LOGISTICS WEIGHT
Source: Company2017 includes offices and logistics development(1) Other includes hotels, non-core land and others
Offices LogisticsHigh street retail Shopping centers Other
47%
23%
20%
7%3%(1)
46%
20%
18%
13%
3%(1)
Offices LogisticsHigh street retail Shopping centers Other
47%
23%
20%
7%3%(1)
46%
20%
18%
13%
3%(1)
GRI
2016
GRI
2017 (PRO-FORMA)
15
89.4%
Occupancy31/12/17
WAULT(1)
3.12.7
1.4
88.2%
76.7%
Offices Shopping centers(2)
6.7 years
AverageMERLIN
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
16
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. Office 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
17
Portfolio performance | Projects delivered in 2017
Puerta de las Naciones 3
+18%
Eucalipto 33
+15%
Avda. Europa 1A
+34%
Juan Esplandiu
+24%
Office
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
18
BOARD OF DIRECTORS COMPOSITION
5Agenda items
BoD composition | BoD / Audit &Control / Remuneration & Nomination
BOARD REDUCED TO 12 MEMBERS: 8 INDEPENDENT / 2 PROPRIETARY / 2 EXECUTIVE
Appointments and Remuneration CommitteeAudit and Control Committee Independent Directors
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 OrtizChairman A&R Committee
Donald Johnston
John Gómez Hall
Juan María AguirreChairman A&C Committee
Pilar Cavero
Emilio Novela
Appointments and Remuneration Committee
Audit and Control Committee
Independent Directors
Executive Director
Proprietary Director
20
CAPITAL & DEBT EVENTS
6 ı 7 ı 8 ı 9Agenda items
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 obligations
#8 Convertibles
Delegation to the Board (5 years) of the power to issue up to € 5bn of bonds and € 500m of commercial paper#9
Debt
Treasury stock up to 10% of current capital#7 Treasuty stock
22
REMUNERATION REPORT
12Agenda items
Comp 1 Comp 3 Comp 4 Comp 5 Comp 6 Comp 7 Comp 8 Comp 9 Comp 10
AVERAGE
European peers
Comp 2
7056
2723 22 21 20 19 18
1025
43
Remuneration report | Productivity
HIGHEST GAV/EMPLOYEE RATIO IN EUROPE
Source: Companies reported financial statements
(€ million)
24
Remuneration report | Efficiency
OVERHEADS AND LONG TERM INCENTIVES
AS A % OF NAV
MERLIN2017
1.0%0.4%
LTIP
0.6%Overheads & salaries
Europeanpeers 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
25
Remuneration report | Equality
MERLIN IBEX-35
€52,405Total
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
26
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 BP
erf
orm
an
ce
Pay
100%
50%
0%
0% 50% 100%
High Average LowScore
ISS multiple 2.9x 4.0x
Score: High
MERLIN
MERLIN2017
(2.7x) 3.0x
MERLIN2016
4.3x
27
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 efficiency ratio
ISS approach ranks better companies with executives paid below average but leading low efficient companies instead of companies with well paid executives leading highly efficient 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
28
OUTLOOK 2018
Future outlook | Our forecast for 2018
Office• 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 office 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
30
DIVIDEND GUIDANCE CALCULATED
ON THE BASIS OF 80% OF AFFO
+ GAINS FROM ASSETS DISPOSALS
October 2018
€ 0.20
AGM 2018
€ 0.26
Total
€ 0.40
September 2017
€ 0.17
AGM 2019
€ 0.30
Total
€ 0.40
September 2017
€ 0.17
AGM 2018
€ 0.26
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 31
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 GlòriesCastellana
85
New developments
32
Future outlook | Landmark Plan I
Torre Glòries
One of the most iconic buildings in BarcelonaReconversion into multitenancy
Creation of a unique observatory in Barcelona33
Future outlook | Landmark Plan I
Torre Glòries
G.L.A. 37,614 sqm Investment € 15 million 34
Future outlook | Landmark Plan I
Monumental
Full reburbishment to create the best building in prime CBD Lisbon
Façade | Lobby | Common areas
Elevators | Installations | Retail area35
Future outlook | Landmark Plan I
Monumental
G.L.A. 16,892 sqm Investment € 23 million 36
Future outlook | Landmark Plan I
Diagonal 605
Full reburbishment Façade | Lobby | Common areas | Installations
Diagonal access | Flagship unit37
Future outlook | Landmark Plan I
Diagonal 605
G.L.A. 14,795 sqm Investment € 8 million 38
Future outlook | Landmark Plan I
Marqués de Pombal 3
Reburbishment of lobby and common areas Creation of a new outdoor area 39
Future outlook | Landmark Plan I
Marqués de Pombal 3
G.L.A. 12,460 sqm Investment € 3 million 40
Future outlook | Landmark Plan I
Castellana 85
Full reburbishment Façade | Lobby | Common areas | Installations 41
Future outlook | Landmark Plan I
Castellana 85
G.L.A. 15,254 sqm Investment € 25 million 42
Future outlook | Landmark Plan I
Plaza Ruíz Picasso
Full reburbishment to create the building with the largest floorplants and highest specifications in Azca 43
Future outlook | Landmark Plan I
Plaza Ruíz Picasso
G.L.A. 31,576 sqm Investment € 30 million 44
Future outlook | Landmark Plan I
Alcalá 40
Full reburbishment and creation of ground floor + mezzanine area for flagship store 45
Future outlook | Landmark Plan I
Alcalá 40
G.L.A. 9,315 sqm Investment € 12 million 46
Future outlook | Landmark Plan I
Alfonso XI
Full reburbishmentFaçade | Lobby relocation | Common areas
Installations | Outdoor garden47
Future outlook | Landmark Plan I
Alfonso XI
G.L.A. 9,945 sqm Investment € 10 million 48
Torre Chamartín
Future outlook | Developments
Strategic location between the M-30 and M-11
Excellent vilisibility and accesses LEED Platinum building 49
Torre Chamartín
Future outlook | Developments
G.L.A. 17,733 sqm Investment € 31 million 50
Future outlook | Developments
Adequa
PHASE I PHASE IIIntegrated complex | Demolition of physical barriers Parking | Services building
Development of tower + building51
Future outlook | Developments
Adequa
PHASE I G.L.A. 75,928 sqmPHASE II G.L.A. 44,886 sqm
Investment € 10 million Investment € 60 million
52
Future outlook | Plan Flagship
Investment € 120 million
Assets
PlanRefurbishment of shopping centers
Convert our shopping centers in the flagship store of online retail
• Create experience• Implement technology• Convergence of online
and physical sales
2018
Arturo Soria Plaza
Artea
20212020
Porto Pi
2019
Larios El Saler Tres Aguas
Start of works X-MadridNew developments
53
Future outlook | Flagship Plan
Arturo Soria
Deep renovation Façade | Common areas | Terraces | Parking 54
Future outlook | Flagship Plan
Arturo Soria
G.L.A. 6,959 sqm Investment € 5 million 55
Future outlook | Flagship Plan
Larios
Full refurbishmentFaçade | Common areas | Vertical communication
Convert part of supermarket into fashion | Reconversion of cinemas into F&B56
Future outlook | Flagship Plan
Larios
G.L.A. 45,076 sqm Investment € 21 million 57
Future outlook | Flagship Plan
El Saler
PHASE IAccesses from parking completed
PHASE IICommon areas
PHASE IIIFaçade + extension (2,700 sqm)
Full refurbishment in 3 phases
58
Future outlook | Flagship Plan
El Saler
G.L.A. 47,013 sqm Investment € 15 million 59
Future outlook | Flagship Plan
Tres Aguas
Full refurbishment Façade | Common areas | Terraces 60
Future outlook | Flagship Plan
Tres Aguas
G.L.A. 67,009 sqm Investment € 20 million 61
Future outlook | Flagship Plan
Porto Pi
Full refurbishment Façade | Common areas
Vertical communication | Terraces62
Future outlook | Flagship Plan
Porto Pi
G.L.A. 58,779 sqm Investment € 16 million 63
Future outlook | Developments
X-Madrid
Creation of a unique and groundbreaking concept
Shopping center focused on experiences and cutting edge retailersDiving | Surf | Climbing
Gourmet dining | VIP cinemas64
Future outlook | Developments
X-Madrid
G.L.A. 47,424 sqm Investment € 32 million 65
Future outlook | Best Plan II
€ 250 million
Development of the best
footprint in the Iberian market
• Best specifications• 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
20212020
Madrid Azuqueca III
66
Future outlook | Best Plan I
67
Madrid, 7 May 2018
2018ANNUAL GENERAL
SHAREHOLDERS MEETING