Spanish REIT Merlin Properties has jumped to 4th position in PropertyEU's ranking of Top 100 Investors in 2016 with a total transaction volume of €7.1 bn.
Two years after the largest-ever REIT listing in Europe and two bond issues that raised over €1.6 bn last year, Merlin takes a prominent spot in the top 5 after completing the takeovers of sector peers Metrovacesa and Testa in 2016.
The deals also propelled Merlin to the top of our buyers’ sub-ranking with a volume of €6.3 bn. More importantly, the M&A activity marked the changing of the guard: Metrovacesa and Testa were two Spanish real estate companies that rode the wave of the last boom before sinking under mountains of debt, along with most of Spain’s real estate industry, in the financial crisis.
After its recent consolidation Merlin has a €9.6 bn portfolio of commercial and residential assets.
Listed players
The ranking is based on data gathered up to mid-February via our Top Investors survey, press releases and RCA's database. A data partner for the second year, RCA has provided additional information on volumes, enabling the Deals and Dealmakers publication to increase its coverage and to profile 250 investors and investment managers active in Europe.
This research does not capture the activities of all Europe’s listed property companies, which were still releasing annual reports in late February and even into March. A ranking update later this year will include this additional information.
The ranking measures investment and disposal activity in 2016 and appears in PropertyEU's Top 100 Investors, Deal and Dealmakers publication, which will be sent to PropertyEU subscribers. A limited number of additional copies are available during the Mipim international real estate fair in Cannes in mid-March.
