Merlin Properties SOCIMI SA

MRL: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Concerns Regarding CoreWeave Exposure and Royal Decree Overly Discounted for Merlin

Jack Fletcher-Price

Nov 13, 2026

Business Strategy and Outlook

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

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Merlin Properties SOCIMI SA

Concerns Regarding CoreWeave Exposure and Royal Decree Overly Discounted for Merlin

Business Strategy and Outlook

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