Merlin Properties

What Merlin Properties does

Merlin Properties SOCIMI, S.A. is a Madrid-headquartered Spanish REIT (SOCIMI) listed on the IBEX 35 (BME:MRL, OTCMKTS:MRPRF) that operates a diversified Iberian commercial real estate portfolio across four asset classes: offices, logistics, shopping centers, and data centers. The company employs 251–500 people and manages an asset base exceeding €11 billion, with properties across Spain and Portugal and a minority footprint in India through subsidiary Merlin Prime Spaces. Core sub-brands include LOOM (flexible workspace and coworking), LOOM Events, and Merlin Hub (a tenant community platform serving 40,000+ users across 40+ office buildings).

The business generates rental income through long-duration leases with corporate, logistics, retail, and technology tenants, complemented by ancillary services such as coworking, events, and parking. Merlin's defining strategic initiative is Plan MEGA, a multi-phase data center expansion program developed in partnership with Edged Energy that targets 730 MW of total IT capacity across Bilbao, Madrid, Barcelona, Lisbon, and Zaragoza by 2030, with the goal of generating 65% of revenue from data centers by 2032. Phase I (64 MW) is fully let and Phase I+II combined deliver 318 MW of operational capacity, supported by a 15-year PPA with Solaria for 445 MWp of photovoltaic power and 225 MW of grid connection infrastructure.

The company distributes its offering through direct B2B leasing supported by an enterprise website with property listings and inquiry forms, a dedicated investor relations program, and active participation in industry forums. Sustainability is integral to its positioning: 95% of the portfolio is LEED or BREEAM certified, 81% holds ISO 14001 and ISO 50001 certifications, and Merlin was the first Spanish real estate company admitted to the Dow Jones Sustainability World Index. The company holds an S&P BBB+ credit rating and most recently raised €768 million via an accelerated bookbuild in March 2026 to fund Phase III (412 MW, €4.47 billion total capex through 2030), with anchor participation from principal shareholders Banco Santander and Nortia Capital.

Name

Merlin Properties

Legal name

MERLIN Properties SOCIMI, S.A.

Website

https://merlinproperties.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Merlin Properties SOCIMI, S.A. is a Madrid-headquartered IBEX 35-listed Spanish REIT managing offices, logistics, shopping centers, and data centers across Spain and Portugal. It is pivoting aggressively into digital infrastructure via its €4.47 billion Plan MEGA data center program targeting 730 MW by 2030.

Ownership category

akta.pro rank

Product category

Commercial Real Estate REIT

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Tower Portfolio Acquisition & Management Platforms (Asset/Lease Management Software) (HDAIAKAL)

Keywords

• Commercial real estate
• Data center infrastructure
• Office leasing
• Logistics warehousing
• Retail shopping centers

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Office Rental Income: Rental income from office portfolio across Spain and Portugal, with properties in major business districts including Madrid, Barcelona, and Lisbon
2. Logistics Rental Income: Rental income from logistics/warehouse facilities in strategic corridors including A2, A4, and Mediterranean corridor
3. Retail/Centros Comerciales Rental Income: Rental income from shopping center portfolio generating 97% occupancy with strong footfall and sales growth
4. Data Center Rental Income: Rental income from data center facilities targeting 65% of revenues by 2032, with Phase I fully let at 64MW IT capacity

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Merlin Properties SOCIMI, S.A. is a publicly listed Spanish REIT (SOCIMI) that acquires and manages a diversified portfolio of commercial real estate assets across the Iberian Peninsula. Its core offering spans four asset classes—offices, logistics/warehousing, shopping centers, and data centers—leased to corporate tenants under long-term agreements, with the data center business (Plan MEGA) being rapidly scaled to 730MW capacity targeting 65% of revenue by 2032.

Product overview

Merlin Properties SOCIMI, S.A. is a Spanish REIT (Real Estate Investment Trust) listed on the IBEX-35, operating a diversified portfolio of commercial real estate assets. The company manages four core asset classes: Offices, Logistics, Shopping Centers, and Data Centers (Plan MEGA). Supporting services include LOOM (flexible workspace/coworking), LOOM Events (corporate events), and Merlin Hub (business community platform). The data center division is undergoing major expansion under Plan MEGA targeting 730MW capacity across the Iberian Peninsula, with partnerships with Edged Energy. The company also has a presence in India through Merlin Prime Spaces. Sustainability is integrated across the portfolio with LEED/BREEAM certifications and ESG commitments including a Net Zero Carbon path by 2030.

Differentiator

Problem solved

Functional benefit

Brands

• LOOM: Flexible office spaces and coworking brand offering hybrid work solutions, flexible offices, and the LOOM Experience wellness program across Spain
• LOOM Events
• Plan MEGA
• Merlin Hub
• Hub Retailtech

Products and services

• Oficinas (Offices) Commercial office space portfolio across Spain and Portugal including Class A buildings with LEED certifications, flexible workspaces through LOOM, and traditional corporate leases for enterprise tenants.
• Logística (Logistics) Last-generation logistics parks and warehouses located along strategic transportation corridors (A2, A4, Mediterranean corridor) with sustainability features including LED lighting, photovoltaic installations, and LEED certifications.
• Centros Comerciales (Shopping Centers) Retail shopping centers across Spain and Portugal featuring 97% occupancy, innovation initiatives, Big Data analytics for customer insights, and specialty leasing services for fashion, food, entertainment, and service retailers.
• Plan MEGA (Data Centers) Strategic data center development plan targeting 730MW total IT capacity across Bilbao, Lisbon, Madrid, Barcelona, and Zaragoza. Features ultra-efficient zero water, zero carbon data centers developed in alliance with Edged Energy. Projected to generate 65% of revenues by 2032.
• LOOM Flexible workspace and coworking spaces integrated with the latest technology, offering 100% flexible solutions and the LOOM Experience program fostering wellness culture for hybrid workers across Spain.
• LOOM Events Event spaces and services for corporate events, team-building activities, and large-format experiences within Merlin Properties' flexible workspace centers.
• Merlin Hub Business hub community platform connecting companies and buildings, offering mobility services and exclusive advantages for over 40,000 users across 40+ office buildings.

Quantifiable outcome

• 97% shopping center occupancy with 10.3% sales growth
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• SolariacoreStrategic or Co-development Partner · 17 November 202515-year power purchase agreement for 445 MWp of photovoltaic energy to supply Merlin Properties' data centers in Spain. Additionally, Solaria provides 225MW power connection infrastructure for data center operations.
• Edged EnergycoreStrategic or Co-development Partner · 1 September 2022Partnership with Edged Energy, a US specialist technology company subsidiary, to develop ultra-efficient data centers without water consumption and zero carbon emissions. Developments are underway in four strategic locations: Bilbao-Arasur, Madrid-Getafe, Barcelona-PLZF, and Lisbon-VFX.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Klépierre: Major European shopping center REIT with continental footprint. Directly comparable to Merlin's retail portfolio for benchmarking occupancy, footfall, and tenant sales performance.
• CyrusOne: US-listed hyperscale data center REIT now owned by KKR and GIP. Relevant comparable for Merlin's Plan MEGA strategy focused on AI/cloud hyperscale tenants, though geographically concentrated in North America and Europe.
• Gecina: French office-focused REIT with prime CBD assets. Comparable to Merlin's office segment as a European prime office operator using sustainability certifications to differentiate in front of corporate tenants.
• Inmobiliaria Colonial: Spanish SOCIMI listed on IBEX 35 with a comparable mix of prime office assets in Madrid, Barcelona, and Paris, plus a growing data center strategy. Closely comparable to Merlin on REIT structure, Iberian office exposure, and the pivot toward digital infrastructure.
• Lar España Real Estate: Spanish SOCIMI focused primarily on retail and shopping centers in Spain. Directly comparable to Merlin's Centros Comerciales segment and to its Iberian REIT structure.
• CTP: Pan-European logistics-focused REIT with major Iberian operations. Directly comparable to Merlin's logistics asset class and growth strategy along strategic corridors such as A2 and A4.

Broad incumbents

• Equinix: Global colocation and interconnection REIT with extensive European footprint including Madrid and Barcelona. Comparable to Merlin's Plan MEGA strategy as the benchmark hyperscale data center operator targeting enterprise and AI tenants.
• Digital Realty Trust: Largest global data center REIT with deep European presence. Closely comparable to Merlin's hyperscale data center ambitions and serves as the natural benchmark for valuation of the Plan MEGA pipeline.
• Cellnex Telecom: European leader in telecommunications towers and passive digital infrastructure. Comparable to Merlin's emerging data center infrastructure strategy as a European digital infrastructure platform with Iberian anchor exposure.

Emerging players

• Iron Mountain: US REIT transitioning from physical records storage into a global data center colocation platform. Comparable to Merlin as another diversified legacy real estate operator pivoting toward digital infrastructure and AI-ready capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/merlinproperties

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merlin Properties