MERLIN Properties Annual Report 2021

| 29 • € 238.1m of non-core assets divestments at 5.4% premium mainly including 4 non- core logistics assets comprising 67,715 sqm, a 9,576 sqm office building in Madrid and 32 supermarkets • Flagship completed. Landmark with just one building in WIP • Best II & III and Digital Infrastructure Plan (Mega) continue progressing properly (1) Where expenditure is spent on both existing and incremental space, MERLIN classifies an expenditure as “incremental lettable space” where available lettable space is increased by at least 10% compared to the total lettable area of the asset. In 2021, Monumental and Plaza Ruiz Picasso are included within this category (2) € 15.0m are capitalized in balance sheet and € 2.7m are expensed in P&L Investments, divestments and Capex Offices Retail Logistics € million Acquisitions PE Atica XIX D A2-San Fernando III Valencia 39.7 Development Torre Glòries Avenida de Burgos 208 Plaza de Cataluña 9 Pere IV A2-Cabanillas Park I G-H-J A2-Cabanillas Park II A4-Getafe (Data Center) Barcelona (Data Center) Lisbon Park 60.9 Investment properties Castellana 85 Monumental Plaza Ruiz Picasso Saler Porto Pi A2-Coslada Complex 66.8 Incremental lettable space (1) 15.5 Non incremental lettable space 51.3 Tenant incentives - Other material non-allocated types of expenditure - Like-for-like portfolio (Defensive Capex) (2) 17.7 Capitalised interest (interest if applicable) - Total 185.1