MERLIN Properties Annual Report 2022

| 31 During FY22, investment activity has been as follows: • Tree disposal (implied GAV 2,077.1m, +17.1% to GAV) executed in 1H22 • € 112.6m of non-core assets divestments at 8.7% premium including 4 office buildings (33,783 sqm), 2 high street units and a minority stake in an office building • Selected acquisitions during the year: 3 prime office assets (Liberdade 195 in Lisbon, Plaza Ruiz Picasso II in Madrid and 1 remaining floor in Diagonal 514 in Barcelona) and the landplot for our Bilbao Arasur Data Center a for a total consideration of € 144.7m • Landmark with just Plaza Ruiz Picasso in WIP almost fully let to tier-1 tenants at top rents. PE Cerro Gamos I & IV will also be delivered to tenants in 2023 • Capex efforts will be pre-let driven and focused on Best II & III and Digital Infrastructure Plan (Mega) (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 FY22, only Plaza Ruiz Picasso is included within this category (2) € 19.3m are capitalized in balance sheet and € 4.0m are expensed in P&L Investments, divestments and Capex Offices Retail Logistics Data Centers € million Acquisitions Liberdade 195 Plaza Ruiz Picasso II Diagonal 514 Bilbao (Data Center) 144.7 Development Pere IV Plaza de Cataluña 9 A2-San Fernando III A2-Cabanillas Park II A A2-Cabanillas Park I J Bilbao Arasur (Data Center) Madrid-Getafe (Data Center) Barcelona PLZF (Data Center) 137.0 Investment properties Plaza Ruiz Picasso Torre Glories Atica 1 Porto Pi A4-Getafe (CLA) 69.8 Incremental lettable space (1) 14.9 Non incremental lettable space 54.9 Tenant incentives - Other material non-allocated types of expenditure - Like-for-like portfolio (Defensive Capex) (2) 23.3 Capitalised interest (interest if applicable) - Total 374.8