Listed REIT Merlin Properties has made a €130 mln, all-equity purchase of five Madrid office blocks.
Listed REIT Merlin Properties has made a €130 mln, all-equity purchase of five Madrid office blocks.
The buildings are all near Plaza de Castilla, and have a total lettable area of more than 34,000 m2. Tenants include Philips, Vestas and Neoris.
The price reflects an initial net yield of 7%, and annual gross rental income of €9.8 mln.
Merlin listed in June this year, and has now invested €1.25 of the €1.3bn it raised when listing.
