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Merlin Fights Off the Fallout from Covid-19 with Two Mega Office Contracts

The Socimi has managed to rent its Castellana 85 office building in its entirety and has renewed the rental of 54,000 square metres in Ribera del Loira, both in Madrid.

oficinas de Endesa en Madrid propiedad de Merlin
Endesa’s headquarters in Madrid, owned by Merlin.

Merlin Properties, the largest real estate company on the Spanish Stock Exchange (together with Colonial), has closed the first half of 2020 with an overall decline in its performance, akin to those suffered by most companies post-Covid-19. The Socimi has seen its profits decrease by 73%, however, its revenues have barely changed, dropping by just 2.2%.

The impact of the coronavirus crisis has not been the same across all of Merlin’s businesses. That was highlighted by Ismael Clemente, CEO, during a recent meeting with analysts, where he acknowledged that his firm’s assets had barely appreciated over the last six months. Nevertheless, in the case of offices and logistics assets, there has been an increase in value, in contrast to the 4.7% decrease registered by its shopping centres.

Read the full article in Spanish.

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