Merlin Properties Socimi is a Spanish real estate investment trust founded in 2014 and traded on the Spanish Stock Exchange under ticker symbol MRL. The company operates as Spain's largest publicly traded REIT by market capitalization, focusing on the acquisition, management, and development of commercial properties across the Iberian Peninsula. The company's investment strategy centers on Core and Core Plus assets across four primary sectors: office buildings, logistics facilities, shopping centers, and data centers. Office properties represent the largest portion of the portfolio at approximately 54% of gross asset value, followed by shopping centers at 17%, logistics at 16%, and data centers at 11%. Merlin maintains operations primarily in Spain and Portugal, with heavy exposure to Madrid, Barcelona, and Lisbon markets. Tenant diversification is distributed across both public and private sectors, with the top 10 tenants representing 26% of gross rental income. Major tenants include CoreWave, Endesa, Inditex, Comunidad de Madrid, and Técnicas Reunidas. Merlin has been expanding its data center platform through its "Plan Mega" initiative, with substantial development capacity under construction.