Merlin Properties SOCIMI SA

MRL: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Initiating Coverage of Merlin Properties, the Spanish REIT

Jack Fletcher-Price

Jun 4, 2026

Business Strategy and Outlook

Merlin Properties is aggressively scaling its data center portfolio, making it the group's primary revenue driver, with data centers forecast to account for 65% of gross rental income by 2032. This strategy leverages Iberia’s relative advantages over legacy FLAP-D European hubs: land and energy abundance and subsea cable connectivity. While doing so, it maintains its position in traditional asset classes (offices, logistics, and shopping centers).

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Merlin Properties SOCIMI SA

Initiating Coverage of Merlin Properties, the Spanish REIT

Business Strategy and Outlook

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