Merlin Properties

Companies 14th November 2025

Merlin Properties’ revenue rises 8% to €413 million in September due to higher growth in offices and data centres

Intermoney | The REIT (Buy, PO €15) has just announced its results for September. The main figures from the results, together with our estimates, are shown in the attached table. Revenue/income for 9M25 rose 8% to €413 million, broadly in line with Intermoney’s estimate (€414 million), while EBITDA (€300 million, up 8%) was slightly below our figures (10%), following higher-than-expected overheads, particularly in personnel and the LP incentive plan. By…

Spanish economy 30th January 2025

Merlin Properties, one of DeepSeek’s victims in Spain owing to exposure to AI data centre deployment

Alphavalue/ Divacons | The real estate developer’s shares fell 4.68% yesterday due to its exposure to the development of data centres for AI. Today it closed the market with a value of €5,851 million. Banco Santander, the REIT’s main shareholder with 22%, lost €63 million. Merlin Properties increased capital by €920 million in July last year to undertake its investments in platforms that host data centres, a line of business…

Spanish economy 14th January 2025

Government could limit REITs regime: Merlin and Colonial to be little affected by focusing on malls and offices

Intermoney | The President of the Government, Pedro Sánchez, announced on Monday his intention to restrict the REITs regime except in the case that the companies promote housing at affordable rents. This measure is one of 12 that the president announced with the intention of tackling the current housing crisis. Specifically, Sánchez declared: “We are going to change the regime of tax advantages that the so-called REITs have. Why? So…

In Spain 10th December 2024

Merlin Properties loses interest in increasing 14.16% stake in Crea Madrid Nuevo Norte

Link Securities | According to various sources consulted, the REIT, which is currently a 14.16% shareholder in Crea Madrid Nuevo Norte (CreaMNN), the developer of the project, has lost interest in increasing its stake in this large development, as reported by elEconomista.es. For several years, the company publicly announced its intention to become a leading partner in what will be Madrid’s largest new neighbourhood. However, now the focus of the…

In Spain 20th November 2024

Cancellation of REITs regime rejected

Intermoney | The annulment of the tax regime for the REITs, previously agreed by the PSOE and Sumar, was not approved on Monday at the marathon meeting of the Finance Committee of the Congress of Deputies, which ended after midnight. This initiative was part of other tax reforms that were to accompany the transposition in Spain of the EU directive on the minimum percentages of profits that multinationals should pay…

Relevant News Item 4th October 2024

Moody’s upgrades Merlin Properties’ rating to ‘Baa1’ from ‘Baa2’ on continued rental growth

Link Securities | Credit rating agency Moody’s has upgraded Merlin Properties’ long-term issuer rating to “Baa1” from “Baa2”, the digital portal Bolsamania.com reported yesterday. In addition, the outlook has been changed from “positive” to “stable”. This upgrade, as they point out, reflects good operating performance driven by continued rental growth, sustainably lower leverage and long-term benefits from an improving business profile that is shifting towards favourable asset classes with a…

Relevant News Item 30th July 2024

Merlin Properties uniquely positioned in sector: raises €921 million to finance expansion of data centres

Deutsche Bank (Thomas Rothaeusler) | The company has finally set the financing structure for its data centre expansion by raising €921 million in new equity, confirming our scenario, which reflects an increase in earnings after two years and non-recurring revenues after one year and equates to a target price of €13 per share. We view the capital increase as a very positive development, as it lays the foundations for significant…

Spanish economy 24th July 2024

Merlin Properties raises €921 million in an accelerated placement at discount of less than 5%

Intermoney | Merlin Properties (Buy, PO €12) has proceeded to execute its long-awaited capital increase after yesterday’s market close. In an accelerated placement excluding admission rights, the REIT has sold almost 94 M new shares at a price of €9.8 each, which represents a discount of less than -5% compared to yesterday’s closing price. The new shares represent 20% of the existing shares as of yesterday, or 17% as of…

Spanish economy 14th May 2024

Merlin Properties considers capital increase, entry of a partner or divestment of data centre assets

Renta 4 | At Merlin Properties’ AGM on Thursday, the CEO, Ismael Clemente, revealed further details on the status of the company’s data centre strategy and options. Firstly, Merlin is reportedly receiving interest from a number of pension funds, sovereign wealth funds, insurance companies and other large investment vehicles. Secondly, the management team insists that the operation to grow the data centre plan has not yet been defined, although they…

Spanish economy 11th April 2024

Merlin Properties contracts with two US investment banks to increase capital by up to €1 billion

Intermoney| Merlin Properties (MRL) (Buy, Target Price €12/share) has contracted with two US investment banks for a capital increase of up to €1 billion, which it expects to be completed before the end of this year, according to Cinco Días. The REIT expects the funds to be used for the start-up of data centres, its current main avenue for growth. Merlin expects a large part of the capital increase to…

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