Merlin Properties has issued ordinary unsubordinated green bonds for a total amount of €550 million on the Euromarket. The transaction has a maturity of eight years and has been set at an issue price of 99.507% of the nominal value, with an annual coupon of 3.50%, equivalent to 105 basis points above midswap. Disbursement and subscription are scheduled for 4 September 2025. The bonds will be governed by English law and are expected to be admitted to trading on the Luxembourg Stock Exchange.
The funds will be used for projects included in the company's Green Financing Framework, including the development of data centres, as well as for general corporate purposes and, in due course, for the partial repayment of the green bond maturing in November 2026.
The transaction comes after the presentation of the first half results for 2025, published in July, in which Merlin recorded revenues of €275.3 million, of which €264.7 million corresponded to gross rents. Average occupancy of the portfolio stood at 95.4% and comparable rents grew by 3.4% year-on-year. EBITDA amounted to €205.3 million, up 9% on the same period in 2024, while operating profit (FFO) reached £166.6 million, equivalent to £0.30 per share. Net accounting profit was €512.9 million.
Gross asset value (GAV) stood at €12.12 billion, with a 3.2% increase in valuations, driven mainly by 38.2% growth in data centres. Net asset value (EPRA NTA) amounted to €8.476 billion, 5% more than in December 2024.
On the financial side, the company maintains an LTV of 28.6%, with liquidity of €1.649 billion and an average debt maturity of 4.4 years. 100% of the debt is fixed-rate and no repayments are expected until November 2026, providing a stable framework for this new issue.
