{ "schemaVersion": 1, "organisationId": "O-aad3d36a601c4191ace13bbd79a21a1e", "slug": "merlin-properties-socimi", "name": "MERLIN PROPERTIES SOCIMI", "updatedAt": "2026-10-04T14:45:50.092885Z", "sections": [ { "type": "OVERVIEW", "text": "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. [D281612][https://www.merlinproperties.com/en/about-us/][D315925]\n\nThe 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. [https://www.merlinproperties.com/en/about-us/]\n\nFor 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. [D281612][https://ir.merlinproperties.com/en/investors/relevant-financial-data/][https://ir.merlinproperties.com/wp-content/uploads/2024/07/EEFFII-30.06.24-Gr-MRL_EN_vF_.pdf]\n[D281612][D315925][https://www.merlinproperties.com/en/about-us/][https://ir.merlinproperties.com/en/investors/relevant-financial-data/][https://ir.merlinproperties.com/wp-content/uploads/2024/07/EEFFII-30.06.24-Gr-MRL_EN_vF_.pdf]", "updatedAt": "2026-10-04T14:45:50.092885Z" }, { "type": "PRODUCTS", "text": "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. [P65135233]\n\nIts office offering includes conventional office properties and LOOM flexible-workspace services, including offices, fixed desks, meeting rooms and event areas. [https://www.merlinproperties.com/en/offices/][https://www.merlinproperties.com/en/dia-a-dia/loom-expands-its-coworking-spaces-with-the-opening-of-loom-castellana-280-in-madrid/] 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. [https://www.merlinproperties.com/en/shopping-centers/][https://www.merlinproperties.com/en/logistics/][P117035915]\n\nData 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. [P114477611][P71293103] 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. [https://www.merlinproperties.com/en/data-centers/][https://ir.merlinproperties.com/en/merlin-increases-total-revenues-and-ebitda-by-11-7-thanks-to-the-data-centers-division-which-reaches-160-mw-leased/]\n[P65135233][P117035915][P114477611][P71293103][https://www.merlinproperties.com/en/offices/][https://www.merlinproperties.com/en/dia-a-dia/loom-expands-its-coworking-spaces-with-the-opening-of-loom-castellana-280-in-madrid/][https://www.merlinproperties.com/en/shopping-centers/][https://www.merlinproperties.com/en/logistics/][https://www.merlinproperties.com/en/data-centers/][https://ir.merlinproperties.com/en/merlin-increases-total-revenues-and-ebitda-by-11-7-thanks-to-the-data-centers-division-which-reaches-160-mw-leased/]", "updatedAt": "2026-10-04T14:45:50.092885Z" }, { "type": "GEOGRAPHY", "text": "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. [T4506245][https://ir.merlinproperties.com/en/who-we-are/the-company/]\n\nFor 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. [D315926] The company’s office portfolio is concentrated mainly in Madrid, Barcelona and Lisbon. [https://www.merlinproperties.com/en/offices/]\n\nFY2025 workforce disclosures show 276 employees in Spain and 19 in Portugal. The company lists its corporate office in Madrid. [D315925][https://www.merlinproperties.com/en/contact/]\n[T4506245][D315926][D315925][https://ir.merlinproperties.com/en/who-we-are/the-company/][https://www.merlinproperties.com/en/offices/][https://www.merlinproperties.com/en/contact/]", "updatedAt": "2026-10-04T14:45:50.092885Z" }, { "type": "SEGMENTS", "text": "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. [T6865677]\n\nA 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. [T3070554]\n[T6865677][T3070554]", "updatedAt": "2026-10-04T14:45:50.092885Z" }, { "type": "HISTORY", "text": "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 [P107663206][https://ir.merlinproperties.com/en/corporate-governance/management-team/]. 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 [https://ir.merlinproperties.com/en/merlin-properties-commences-trading-on-the-spanish-stock-exchanges/][https://ir.merlinproperties.com/en/merlin-properties-acquires-tree-inversiones-inmobiliarias-for-739-5-million-euros/].\n\nIn 2015, MERLIN agreed to acquire Sacyr’s stake in Testa Inmuebles en Renta, expanding its rental-property business [https://ir.merlinproperties.com/en/merlin-properties-acquires-testa/]. In 2016, it agreed to integrate Metrovacesa’s commercial-property portfolio; the transaction was completed that October, significantly broadening its Spanish property holdings [https://ir.merlinproperties.com/en/merlin-properties-and-metrovacesa-will-merge-creating-the-undisputed-leading-spanish-reit-and-one-of-the-largest-european-diversified-players/][https://ir.merlinproperties.com/en/merlin-properties-reports-9m-2016-results-with-consolidated-ebitda-of-203-million-euros-not-including-metrovacesa/].\n\nMERLIN added a Lisbon listing in January 2020 [P107663206]. In June 2022, it sold 662 bank branches leased to BBVA to the bank for approximately €1.987 billion [P168861357]. In May 2024, José Luis de Mora became chairman following Javier García-Carranza’s resignation; Ismael Clemente continued as CEO [https://ir.merlinproperties.com/wp-content/uploads/2024/05/MERLIN-OIR-Corporate-Governance-EN.pdf][https://ir.merlinproperties.com/en/corporate-governance/management-team/].\n[P107663206][P168861357][https://ir.merlinproperties.com/en/corporate-governance/management-team/][https://ir.merlinproperties.com/en/merlin-properties-commences-trading-on-the-spanish-stock-exchanges/][https://ir.merlinproperties.com/en/merlin-properties-acquires-tree-inversiones-inmobiliarias-for-739-5-million-euros/][https://ir.merlinproperties.com/en/merlin-properties-acquires-testa/][https://ir.merlinproperties.com/en/merlin-properties-and-metrovacesa-will-merge-creating-the-undisputed-leading-spanish-reit-and-one-of-the-largest-european-diversified-players/][https://ir.merlinproperties.com/en/merlin-properties-reports-9m-2016-results-with-consolidated-ebitda-of-203-million-euros-not-including-metrovacesa/][https://ir.merlinproperties.com/wp-content/uploads/2024/05/MERLIN-OIR-Corporate-Governance-EN.pdf]", 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