Merlin secures €3,750 million syndicated loan to fuel data center expansion

merlin properties

Spain’s largest real estate company, Merlin Properties, executed a €3,750 million corporate sustainability-linked financing agreement on October 30, 2026, with a syndicate of domestic and international banks. The transaction is structured into two tranches: a term loan and a revolving credit facility (RCF).

The term loan consists of two disbursements, both maturing on April 30, 2032: €725 million, scheduled for drawdown on November 3, to prepay the syndicated loan maturing in 2028; and €1,525 million, available until April 2027, to redeem the €500 million bond maturing in July 2027 and finance future investments, particularly the expansion of its data center program.

Additionally, MRL extended its revolving credit facility from €740 million to €1,500 million. The financing was closed at an average margin over Euribor (MS) of 100 basis points, extending the average maturity of its debt from 3.7 to 5.3 years.

Separately, the company redeemed an €800 million bond maturing on November 2, 2026, using available cash reserves.

Through these transactions, MRL eliminates debt maturities for the next three years, reinforces its credit profile, and enhances financial flexibility to execute its growth strategy while maintaining low leverage, with a loan-to-value (LTV) ratio of 25%.

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