MERLIN Properties Annual Report 2017 / English

ı 25 ı Annual Report 2017 TENANTS MERLIN enjoys a high-quality tenant base, broadly diversified. Top 10 tenants represent a 19.4% of the gross annualized rents (plus an additional 19.6% from BBVA) while top 20 tenants represent a 26.2% of gross annualized rents (excluding BBVA).