MERLIN Properties Annual Report 2023

| 35 (1) Bps based on passing rent MERLIN portfolio has been appraised by CBRE, Savills and JLL, for a total GAV of € 11,270m. GAV breakdown is the following: GAV (€ m) LfL Growth Gross yield Yield expansion/ (compression) (1) Offices 6,191 (4.7%) 4.7% +34 Logistics 1,410 3.0% 5.6% +39 Shopping centers 2,006 (5.2%) 6.1% +54 Logistics WIP & Office landbank 294 n.a. n.a. Data Centers 342 n.a. n.a. n.a. Others 354 (12.2%) 4.9% +105 Equity method 673 7.0% n.a. Total 11,270 (3.4%) 5.1% +42 Portfolio valuation