Merlin Properties (MRL.MC): Data centre progress strong with positive growth in shopping centre, office and logistics

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Merlin Properties (MRL.MC): Data centre progress strong with positive growth in shopping centre, office and logistics

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28 Jul 2026 03:02:53 ET │ 11 pages

Merlin Properties (MRL.MC)

Data centre progress strong with positive growth in shopping centre,

office and logistics

CITI'S TAKE Neutral

Price (27 Jul 26 17:30) €15.30 Merlin published H1 results with positive rental growth particularly in

Target price €13.90 shopping centres but also office and logistics. Data Centre build and

leasing remains strong and in this ramp up phase FFO per share guidance Expected share price return -9.2%

of €0.55 was noted (2025: €0.58). Expected dividend yield 2.9%

Expected total return -6.3%

Data centre execution ahead of their plan — Merlin noted their Mega Plan data Market Cap €9,486M

centre execution continues ahead of expectations with 160MW let or pre-let in US$10,784M

H12026, on track to exceed their target of c200MW IT leased by year end. Phase 1

64MW is fully let with BCN-PLZF 01 and BIO-ARA 03 operational and cash flowing

with MAD-GET 01 fully let and cash flow upon finalization of the power connection

works in Q4 2026 with advanced negotiations for a repowering +6MW opportunity. Aaron GuyAC

Phase 2 which is fully funded totaling 254MW includes BIO-ARA 02 that was fully let +44-207-986-1739

at 48MW 12 months before is December 2026 delivery, BIO-ARA 48MW was fully let aaron.guy@citi.com

18 months before its December 2027 delivery, LIS-VFX 01 and 02 are 80MW has

construction underway with IT capacity leasing in advanced negotiations. MAG-GET Aakanksha Anand

02 has demolition works underway with construction license expected by Q1 2027 +44-20-7508-1045

and MAD-TCS 01 has planning completed with urbanization works underway. Phase aakanksha.anand@citi.com