The creators of Merlin Properties just a decade ago have drastically reduced their share box in the socimi at the end of 2022. sent to the CNMV. They are the CEO, Ismael Clemente, and the directors Miguel Rivas, Inés Arellano, Luis Lázaro and Miguel Ollero, all of them linked to the foundation of the real estate giant that is now listed on the Ibex 35.
Merlin before Christmas. The donation has been notified in duplicate, both at the time of delivery and receipt, since the recipients are first-degree relatives. In total, the change of owners to 0.6% of the company’s capital, the bulk in the hands of Clemente and Ollero, corporate general director (COO), who each had percentages of 0.33% in the real estate company, according to the report company annual.
The operations coincide with the implementation of the Tax on Great Fortunes, in force since December 31 and which will be effective as of June this year with the first payments that go out to more than 20,000 taxpayers, according to government calculations. . It is a tax that is superimposed on the Heritage, managed by the Autonomous Communities, although it has differential characteristics to be able to apply and that cannot require double taxation.
In general terms, the new rate consists of three sections: a rate of 1.7% for assets of between 3 and 5.3 million euros; 2.1% for those 5.3 and 10.6 million, and 3.5% for those assets that exceed 10.6 million. The minimum exempt for the purposes of the calculation is 700,000 euros and assets such as the habitual residence up to 300,000 euros, the family business or the loans that the taxpayer has are not counted.
However, the regional tax will be deductible from the new tax system and, in fact, it will have no effect in La Rioja, Comunidad Valencia, Aragón, Castilla-La Mancha, Canarias, Extremadura and Castilla y León. Yes, it will mean an increase in taxes for the rest of the regions that subsidize the Heritage tax: Andalusia, Galicia, Catalonia, Asturias, Cantabria, Murcia, the Balearic Islands, Navarra and Madrid, Merlin’s tax residence.
Forced to sell or donate on the Ibex 35
The so-called Tax on Great Fortunes puts some high-net-worth individuals in trouble, such as managers, directors and employees of listed companies who own shares of their companies for their variable remuneration or periodic investment in it, but who cannot benefit from the exemption to the exemption that is the family business. Financial sources explain to ‘La Información’ that this will force them to sell part of those titles only to cover the new tax, which will result in a lower participation in the capital.
Since 2019, the Community of Madrid (CAM) chaired by Isabel Díaz Ayuso offers tax incentives to facilitate the transfer of assets and assets between family members. Residents will only pay 1% of the quota corresponding to inheritance tax and donations between parents and children, spouses and common-law partners. Specifically, in order to receive the reduction, the donation must be made in a public document and, if it is in cash, the origin of the funds must be justified.
According to the CAM website, a 100% reduction of the donation received is established (up to a maximum of 250,000 euros) for donations between relatives of degree 1 and 2 of kinship and between second degree consanguineous collaterals (siblings) for the purchase of a home, shares in companies, goods for a company, among others. Finally, inheritances and donations acquired by siblings, uncles and nephews of the donor are also subsidized by 15% (second degree blood relatives) or 10% (third degree blood relatives).
Clemente, co-founder of Merlin, was among the highest paid executives on the Ibex 35 in 2021 with a total remuneration of 7 million euros in 2021, 55% more than in 2020, due to the increase in variable remuneration for objectives. Ollero, number two of the socimi, received emoluments of 6.5 million euros. In total, the remuneration of the entire board of directors was 15 million in 2021, 50% more.
Banco Santander and BlackRock remain the main shareholders of Merlin, with a participation of 22.268% and 5.009%, respectively. In addition, Manuel Lao, one of the great Spanish fortunes after the sale of Cirsa, also owns a significant stake in the company with 6.271%, according to the CNMV registry. The socimi has registered a flat start to 2023 at 8.9 euros per share, compared to increases of 10% in the Ibex 35. It is still 33% below the 13.3 euros it marked before the coronavirus pandemic. 2020
The socimi is headed towards one of the best years since its creation after 2022 marked by the sale of the BBVA offices. Merlin obtained a net profit of 567.1 million euros from January to September, a 123% year-on-year increase, thanks to the increase in occupancy and the revision of rents due to inflation. The firm obtained income of 341 million and a gross operating result (Ebitda) of almost 250 million, 17% more. The group will present its annual accounts on February 28.
