MERLIN Properties Annual Report 2024

| 29 • € 73.0m in non-core divestments at a low double digit premium to latest appraisal value. Further € 53.0m signed to be executed in 2025 • Mutted acquisitions during FY24, limited to consolidating 100% ownership in Plaza Ruiz Picasso extension, a c. 4,500 sqm building adjacent to our Plaza Ruiz Picasso asset and increasing the strategic Data Center Landbank (Bilbao-Arasur DC campus and purchase options in Navalmoral de la Mata and Valdecaballeros) • CreaMNN (14.46% owned by MERLIN) has acquired the landplots of Madrid Nuevo Norte, the largest urban regeneration project in Europe with c. 2.7m sqm of buildability rights of which 1.2m sqm are owned by CreaMNN • Capex efforts continue focused on Digital Infrastructure Plan (Mega) and Best II & III (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 FY24, only Plaza Ruiz Picasso is included within this category (2) € 19.6m are capitalized in balance sheet and € 5.1m are expensed in P&L Investments, divestments and Capex Offices Retail Logistics Data Centers € million Acquisitions Plaza Ruiz Picasso extension Bilbao (Data Center) Landbank 22.8 Greenfield development A2-Cabanillas Park II Lisboa-Park Bilbao-Arasur (Data Center) Madrid-Getafe (Data Center) Barcelona-PLZF (Data Center) Lisboa-VFX (Data Center) 176.7 Refurbishments Plaza Ruiz Picasso PE Cerro Gamos Josefa Valcarcel 48 Torre Lisboa Callao 5 Marineda 73.7 Incremental lettable space (1) 12.3 Non incremental lettable space 61.4 Tenant incentives - Other material non-allocated types of expenditure - Like-for-like portfolio (Defensive Capex) (2) 24.7 Capitalised interest (interest if applicable) - Total 297.9