Merlin Properties has announced that it has received significant interest from multiple investors to participate in its data centre expansion plan. The company expects to deploy up to 35 megawatts (MW) of additional capacity over the next few years, with plans already in the pipeline in collaboration with Goldman Sachs and Morgan Stanley.
Ismael Clemente, Merlin Properties' CEO, said in a press statement that early interested investors include sovereign pension funds, large foreign family offices and large asset management vehicles.
The socimi plans to invest approximately €2 billion to add up to 200 new megawatts. The funds will come in part from a capital increase, the sale of assets or by raising funds from other partners. Initial valuations by Goldman Sachs and Morgan Stanley are underway and a second presentation is expected in June, with the board expected to make a final decision in the summer.
The final deal is expected to close by the end of the year. If the necessary funds are not raised by then, the company could draw on temporary funding lines and then replace them.
The Socimi expects 60% of revenues in the medium term, around 2028, to come from digital clients, both from data centres (technology firms) and logistics (from online sales tenants), compared to the current 20%. That figure would be around €480 million, of which €360 million would come from data centres.
Ismael Clemente also described the current state of the company's data centres, which are located in Getafe, Barcelona-PLZ and Bilbao-Arásur. With the new equipment they will receive this year, these centres will have a total of 33 MW. They are expected to reach 60 MW by 2026, closing the first phase. Subsequently, in Lisbon, an 80 MW centre will be opened and there are plans to expand the Bilbao centre to 100 MW in a second phase.
In his statements to shareholders, the CEO assured that any operation affecting dividend distribution will maintain a minimum dividend of 35% of the value of the assets, thus ensuring the financial stability of the company. In addition, the company is considering expanding its presence in Spain due to the country's favourable availability of energy, land and submarine cable connections.
Moreover, in the office sector, Merlin Properties has closed a deal in Malaga to develop 10,000 sqm offices, projecting high occupancy thanks to the location and characteristics of the site.
