# MERLIN PROPERTIES SOCIMI

Summary updated: 2026-10-04T14:45:50.092885Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=D281612)[2](https://www.merlinproperties.com/en/about-us/)[3](https://app.finbar.com/go?id=D315925)

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](https://www.merlinproperties.com/en/about-us/)

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](https://app.finbar.com/go?id=D281612)[4](https://ir.merlinproperties.com/en/investors/relevant-financial-data/)[5](https://ir.merlinproperties.com/wp-content/uploads/2024/07/EEFFII-30.06.24-Gr-MRL_EN_vF_.pdf)
[1](https://app.finbar.com/go?id=D281612)[3](https://app.finbar.com/go?id=D315925)[2](https://www.merlinproperties.com/en/about-us/)[4](https://ir.merlinproperties.com/en/investors/relevant-financial-data/)[5](https://ir.merlinproperties.com/wp-content/uploads/2024/07/EEFFII-30.06.24-Gr-MRL_EN_vF_.pdf)

## 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](https://app.finbar.com/go?id=P65135233)

Its office offering includes conventional office properties and LOOM flexible-workspace services, including offices, fixed desks, meeting rooms and event areas. [7](https://www.merlinproperties.com/en/offices/)[8](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. [9](https://www.merlinproperties.com/en/shopping-centers/)[10](https://www.merlinproperties.com/en/logistics/)[11](https://app.finbar.com/go?id=P117035915)

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](https://app.finbar.com/go?id=P114477611)[13](https://app.finbar.com/go?id=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. [14](https://www.merlinproperties.com/en/data-centers/)[15](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/)
[6](https://app.finbar.com/go?id=P65135233)[11](https://app.finbar.com/go?id=P117035915)[12](https://app.finbar.com/go?id=P114477611)[13](https://app.finbar.com/go?id=P71293103)[7](https://www.merlinproperties.com/en/offices/)[8](https://www.merlinproperties.com/en/dia-a-dia/loom-expands-its-coworking-spaces-with-the-opening-of-loom-castellana-280-in-madrid/)[9](https://www.merlinproperties.com/en/shopping-centers/)[10](https://www.merlinproperties.com/en/logistics/)[14](https://www.merlinproperties.com/en/data-centers/)[15](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/)

## 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](https://app.finbar.com/go?id=T4506245)[17](https://ir.merlinproperties.com/en/who-we-are/the-company/)

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](https://app.finbar.com/go?id=D315926) The company’s office portfolio is concentrated mainly in Madrid, Barcelona and Lisbon. [7](https://www.merlinproperties.com/en/offices/)

FY2025 workforce disclosures show 276 employees in Spain and 19 in Portugal. The company lists its corporate office in Madrid. [3](https://app.finbar.com/go?id=D315925)[19](https://www.merlinproperties.com/en/contact/)
[16](https://app.finbar.com/go?id=T4506245)[18](https://app.finbar.com/go?id=D315926)[3](https://app.finbar.com/go?id=D315925)[17](https://ir.merlinproperties.com/en/who-we-are/the-company/)[7](https://www.merlinproperties.com/en/offices/)[19](https://www.merlinproperties.com/en/contact/)

## 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](https://app.finbar.com/go?id=T6865677)

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](https://app.finbar.com/go?id=T3070554)
[20](https://app.finbar.com/go?id=T6865677)[21](https://app.finbar.com/go?id=T3070554)

## 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](https://app.finbar.com/go?id=P107663206)[23](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 [24](https://ir.merlinproperties.com/en/merlin-properties-commences-trading-on-the-spanish-stock-exchanges/)[25](https://ir.merlinproperties.com/en/merlin-properties-acquires-tree-inversiones-inmobiliarias-for-739-5-million-euros/).

In 2015, MERLIN agreed to acquire Sacyr’s stake in Testa Inmuebles en Renta, expanding its rental-property business [26](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 [27](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/)[28](https://ir.merlinproperties.com/en/merlin-properties-reports-9m-2016-results-with-consolidated-ebitda-of-203-million-euros-not-including-metrovacesa/).

MERLIN added a Lisbon listing in January 2020 [22](https://app.finbar.com/go?id=P107663206). In June 2022, it sold 662 bank branches leased to BBVA to the bank for approximately €1.987 billion [29](https://app.finbar.com/go?id=P168861357). In May 2024, José Luis de Mora became chairman following Javier García-Carranza’s resignation; Ismael Clemente continued as CEO [30](https://ir.merlinproperties.com/wp-content/uploads/2024/05/MERLIN-OIR-Corporate-Governance-EN.pdf)[23](https://ir.merlinproperties.com/en/corporate-governance/management-team/).
[22](https://app.finbar.com/go?id=P107663206)[29](https://app.finbar.com/go?id=P168861357)[23](https://ir.merlinproperties.com/en/corporate-governance/management-team/)[24](https://ir.merlinproperties.com/en/merlin-properties-commences-trading-on-the-spanish-stock-exchanges/)[25](https://ir.merlinproperties.com/en/merlin-properties-acquires-tree-inversiones-inmobiliarias-for-739-5-million-euros/)[26](https://ir.merlinproperties.com/en/merlin-properties-acquires-testa/)[27](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/)[28](https://ir.merlinproperties.com/en/merlin-properties-reports-9m-2016-results-with-consolidated-ebitda-of-203-million-euros-not-including-metrovacesa/)[30](https://ir.merlinproperties.com/wp-content/uploads/2024/05/MERLIN-OIR-Corporate-Governance-EN.pdf)

## Sources

1. [MERLIN PROPERTIES SOCIMI — Presentation (2025 Y)](https://app.finbar.com/go?id=D281612)
2. [www.merlinproperties.com](https://www.merlinproperties.com/en/about-us/)
3. [MERLIN PROPERTIES SOCIMI — Full financial report (2025 Y)](https://app.finbar.com/go?id=D315925)
4. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/investors/relevant-financial-data/)
5. [ir.merlinproperties.com](https://ir.merlinproperties.com/wp-content/uploads/2024/07/EEFFII-30.06.24-Gr-MRL_EN_vF_.pdf)
6. [MERLIN PROPERTIES SOCIMI — Full financial report (2025 Y), p49](https://app.finbar.com/go?id=P65135233)
7. [www.merlinproperties.com](https://www.merlinproperties.com/en/offices/)
8. [www.merlinproperties.com](https://www.merlinproperties.com/en/dia-a-dia/loom-expands-its-coworking-spaces-with-the-opening-of-loom-castellana-280-in-madrid/)
9. [www.merlinproperties.com](https://www.merlinproperties.com/en/shopping-centers/)
10. [www.merlinproperties.com](https://www.merlinproperties.com/en/logistics/)
11. [MERLIN PROPERTIES SOCIMI — Presentation (2025 Y), p46](https://app.finbar.com/go?id=P117035915)
12. [MERLIN PROPERTIES SOCIMI — Presentation (2025 Y), p25](https://app.finbar.com/go?id=P114477611)
13. [MERLIN PROPERTIES SOCIMI — Presentation (2025 Y), p24](https://app.finbar.com/go?id=P71293103)
14. [www.merlinproperties.com](https://www.merlinproperties.com/en/data-centers/)
15. [ir.merlinproperties.com](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/)
16. [MERLIN PROPERTIES SOCIMI — Full financial report (2025 Y), p49](https://app.finbar.com/go?id=T4506245)
17. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/who-we-are/the-company/)
18. [MERLIN PROPERTIES SOCIMI — Partial financial report (2026 Q 1)](https://app.finbar.com/go?id=D315926)
19. [www.merlinproperties.com](https://www.merlinproperties.com/en/contact/)
20. [MERLIN PROPERTIES SOCIMI — Partial financial report (2026 Q 1), p9](https://app.finbar.com/go?id=T6865677)
21. [MERLIN PROPERTIES SOCIMI — Presentation (2025 Y), p49](https://app.finbar.com/go?id=T3070554)
22. [MERLIN PROPERTIES SOCIMI — Full financial report (2025 Y), p13](https://app.finbar.com/go?id=P107663206)
23. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/corporate-governance/management-team/)
24. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/merlin-properties-commences-trading-on-the-spanish-stock-exchanges/)
25. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/merlin-properties-acquires-tree-inversiones-inmobiliarias-for-739-5-million-euros/)
26. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/merlin-properties-acquires-testa/)
27. [ir.merlinproperties.com](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/)
28. [ir.merlinproperties.com](https://ir.merlinproperties.com/en/merlin-properties-reports-9m-2016-results-with-consolidated-ebitda-of-203-million-euros-not-including-metrovacesa/)
29. [MERLIN PROPERTIES SOCIMI — Full financial report (2015 Y), p59](https://app.finbar.com/go?id=P168861357)
30. [ir.merlinproperties.com](https://ir.merlinproperties.com/wp-content/uploads/2024/05/MERLIN-OIR-Corporate-Governance-EN.pdf)

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