MERLIN Properties Annual Report 2024

30 | Annual report | 2024 DEVELOPMENTS / WORK IN PROGRESS (WIP) LOGISTICS DEVELOPMENTS DATA CENTERS MERLIN continues expanding its logistics footprint trough the developments / WIP program in logistics. As of 31 st December 2024, the main KPIs of the logistics developments are the following: • 525k sqm delivered to date achieving a YoC at delivery of 7.8% • 584k sqm of Landbank (511k) and WIP (73k), all of which has now reached ready to build status, distributed among selected locations in Madrid, Lisboa, Valencia, Vitoria and Seville • MAD01-GET, BCN01-PLZF and BIO03-ARA Data Centers with 26 MW in operation. As of FY24, 19.2 MW are leased and further 2 MW optioned by tenants • BIO02-ARA Data Center with license and power. Construction works underway • LIS01-VFX Data Center with license and power. Land preparation works underway • Agreement with the regional government of Extremadura to promote 2 AI campus of 1 GW IT capacity each in Navalmoral de la Mata and Valdecaballeros. Development pace of the facilities will depend on commercialization (1) 68K sqm in Lisbon Park to be delivered in 2H27 (2) Including land cost (3) To be developed on a pre-let basis GLA (sqm) Pending Capex (€m) GRI (€m) YoC (2) (%) YoC Capex (%) Commited 339,858 171.0 19.6 7.5% 11.5% Of which pre-let or HoT 232,021 111.9 13.2 Non-Commited (3) 244,190 121.1 13.8 ±7.0% 11.4% Total 584,048 292.0 33.4 • Within the Landbank, 155k sqm is pre-let and 77k sqm with HoT signed • All committed projects except for one (1) are expected to be delivered by 1H26 Logistics development program (as of 31/12/2024)