Strong Financial Performance
MERLIN Properties experienced a strong operating momentum in 2024 with very good rental growth and record occupancy across its portfolio, achieving a 96.7% occupancy rate, an increase of approximately 60 bps from the previous year.
Office and Logistics Segment Success
The office segment saw a like-for-like rental growth of 3.9% and a release spread of 2.3%, despite some weakness in Barcelona. The logistics segment achieved full occupancy at 99.4%, with a positive organic growth of 2.8% like-for-like.
Shopping Centers Performance
Shopping centers delivered a strong year with a like-for-like rental growth of 2.7% and a historical minimum occupancy cost ratio of 11.2%. Tenant sales and footfall were strong, indicating positive market conditions.
Data Center Expansion
The data center segment saw significant development, with a signed agreement for a 5 megawatt IT block in Barcelona and advanced negotiations for an 18-megawatt block in Arasur.
Stable Financial Structure
The company maintained a strong financial position with a 28% Loan-to-Value (LTV) ratio and no additional maturities until November 2026, supported by a successful capital increase.
Credit Rating Upgrades
Both Moody's and S&P upgraded MERLIN's credit rating, reflecting the company's improved financial standing and growth potential in the data center segment.