MERLIN PROPERTIES SOCIMI

Overview

MERLIN PROPERTIES SOCIMI is a real-estate company that acquires, develops and manages income-producing property and infrastructure assets across Spain and Portugal. Its main business segments are offices, logistics, shopping centres and data centres, defining its focus on the Iberian market.[1]+2

The company describes its purpose as transforming the real-estate sector through distinctive services and experiences, with an emphasis on innovation, sustainability, personalised service and quality.[2]

For the year ended 31 December 2025, MERLIN reported total revenue of €564.9 million and gross asset value of €12.63 billion, including minority stakes. The company was incorporated in 2014 and began trading on the Spanish stock market that year.[1]+2 [1]+4

Products & services

MERLIN PROPERTIES’ principal property products are leased office space, shopping-centre space, logistics warehouses and parks, and data-centre capacity. At FY2025, the portfolio comprised 3.169 million sqm: 1.225 million sqm of offices, 437,200 sqm of shopping centres, 1.438 million sqm of logistics properties and 66,389 sqm of data centres. Occupancy by category was 93.7%, 96.5%, 99.4% and 81.5%, respectively.[6]

Its office offering includes conventional office properties and LOOM flexible-workspace services, including offices, fixed desks, meeting rooms and event areas.[7][8] Shopping centres provide leased retail space, while its logistics portfolio includes warehouse and industrial-park space; the company also manages third-party logistics stock under ground leases. For ZAL Port, the FY2025 presentation reported 764,925 sqm of stock and 162,633 sqm of third-party stock under ground leases.[9]+2

Data centres provide powered, equipped IT capacity to customers. MERLIN’s FY2025 materials describe three operating assets and a Phase I capacity of 64 MW, with 58 MW equipped at year-end; the Phase II pipeline was reported at 254 MW.[12][13] The company describes its data-centre platform as using 100% renewable energy, waterless cooling and a PUE of 1.15. In its H1 2026 update, it reported 160 MW leased.[14][15] [6]+9

Geographic presence

MERLIN PROPERTIES SOCIMI’s commercial-property operations are concentrated in Spain, with a smaller presence in Portugal. At FY2025, its reported gross leasable area was 3,169,405 sqm, of which 212,582 sqm (6.7%) was in Portugal; Spain accounted for the remainder. Within Spain, Madrid represented 41.1% of reported area, Castilla-La Mancha 21.5% and Catalonia 13.2%, with additional assets in Valencia, Galicia, Andalusia, the Basque Country and other Spanish regions.[16][17]

For the first quarter of 2026, gross rents by reported market were €52.6 million in Madrid, €11.9 million in Barcelona, €8.5 million in Lisbon and €0.6 million in other locations. These figures are market-level quarterly rents rather than a full-year country revenue breakdown.[18] The company’s office portfolio is concentrated mainly in Madrid, Barcelona and Lisbon.[7]

FY2025 workforce disclosures show 276 employees in Spain and 19 in Portugal. The company lists its corporate office in Madrid.[3][19] [16]+5

Business segments

MERLIN reports its property portfolio across Offices, Logistics, Shopping centers, Data Centers and Other. These classes represent office properties, logistics assets, retail centers and data-center properties, respectively; “Other” is a separate reported category. In Q1 2026, gross rents of €146.248 million were approximately 50.4% Offices, 25.2% Shopping centers, 14.6% Logistics, 9.5% Data Centers and 0.4% Other. These shares are calculated from reported gross-rent amounts and may not sum exactly due to rounding.[20]

A separate FY2025 portfolio valuation breakdown puts GAV at €11,938 million, excluding minority stakes: Offices 55.2%, Shopping centers 17.9%, Logistics 12.1%, Data Centers 11.5% and Other 3.3%. The company also reports €692 million in minority stakes separately; they are excluded from these percentages. The gross-rent and GAV mixes are different measures for different periods.[21] [20][21]

Company history

MERLIN Properties SOCIMI was incorporated in Spain on 25 March 2014. Ismael Clemente, who became its CEO at foundation, is identified by the company as a founding partner [22][23]. The company began trading on Spain’s stock exchanges on 30 June 2014 and soon established a substantial portfolio through its July acquisition of Tree Inversiones Inmobiliarias for approximately €739.5 million [24][25].

In 2015, MERLIN agreed to acquire Sacyr’s stake in Testa Inmuebles en Renta, expanding its rental-property business [26]. In 2016, it agreed to integrate Metrovacesa’s commercial-property portfolio; the transaction was completed that October, significantly broadening its Spanish property holdings [27][28].

MERLIN added a Lisbon listing in January 2020 [22]. In June 2022, it sold 662 bank branches leased to BBVA to the bank for approximately €1.987 billion [29]. In May 2024, José Luis de Mora became chairman following Javier García-Carranza’s resignation; Ismael Clemente continued as CEO [30][23]. [22]+8

Sources

• MERLIN PROPERTIES SOCIMI — Presentation (2025 Y)
  5 citations

  [1][11][12][13][21]
• www.merlinproperties.com[2]
• MERLIN PROPERTIES SOCIMI — Full financial report (2025 Y)
  4 citations

  [3][6][16][22]
• ir.merlinproperties.com[4]
• ir.merlinproperties.com[5]
• www.merlinproperties.com[7]
• www.merlinproperties.com[8]
• www.merlinproperties.com[9]
• www.merlinproperties.com[10]
• www.merlinproperties.com[14]
• ir.merlinproperties.com[15]
• ir.merlinproperties.com[17]
• MERLIN PROPERTIES SOCIMI — Partial financial report (2026 Q 1)[18][20]
• www.merlinproperties.com[19]
• ir.merlinproperties.com[23]
• ir.merlinproperties.com[24]
• ir.merlinproperties.com[25]
• ir.merlinproperties.com[26]
• ir.merlinproperties.com[27]
• ir.merlinproperties.com[28]
• MERLIN PROPERTIES SOCIMI — Full financial report (2015 Y)[29]
• ir.merlinproperties.com[30]