MERLIN Properties Annual Report 2023

| 31 During FY23, investment activity has been as follows: • € 38.3m in non-core disposals in FY23 including 2 secondary shopping centers, 1 residential unit, 1 supermarket and 1 industrial asset • Muted acquisitions during FY23. Opportunistic acquisition of a department store in Marineda to expand our shopping center by 18,232 sqm. Retrofitting works have already started with expected delivery in 2025 • Capex efforts continue to be focused on Best II & III and Digital Infrastructure Plan (Mega). 3 Data Centers have been delivered during the year: • MAD01-GET: 3 MW installed IT capacity out of total 20 MW • BCN01-PLZF: 3 MW installed IT capacity out of total 16 MW • BIO03-ARA: 3 MW installed IT capacity out of total 24 MW • Regarding Offices, Cerro de los Gamos (Phase I) and Atica 1 totalling 17,894 sqm have been delivered during the year. Plaza Ruiz Picasso 11 (36,899 sqm) has started the delivery of space to its first tenants (10,493 sqm to IBM in December 2023) (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 FY23, only Plaza Ruiz Picasso is included within this category (2) € 20.8m are capitalized in balance sheet and € 5.3m are expensed in P&L Investments, divestments and Capex Offices Retail Logistics Data Centers € million Acquisitions Marineda extension Porto Pi unit Valencia-Betera 22.8 Greenfield development A2-Cabanillas Park II Lisboa-Park BIO03-ARA (Data Center) MAD01-GET (Data Center) BCN01-PLZF (Data Center) LIS-01 VFX (Data Center) 167.6 Refurbishments Plaza Ruiz Picasso Cerro de los Gamos PLZFA Porto Pi A4-Pinto II A2-Cabanillas I 96.9 Incremental lettable space (1) 47.4 Non incremental lettable space 49.5 Tenant incentives - Other material non-allocated types of expenditure - Like-for-like portfolio (Defensive Capex) (2) 26.1 Capitalised interest (interest if applicable) - Total 313.5