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Merlin Properties is planning a primary accelerated bookbuild offering of around EUR 770 million, involving approximately 56.3 million shares, representing about 10 per cent of its total share capital. The transaction is being led by a bookrunner and will see key shareholders Banco Santander and Nortia Capital subscribing to a portion worth nearly EUR 255 million. The move is part of the company's broader capital strategy, likely aimed at strengthening its balance sheet and supporting future investments across its commercial real estate portfolio in Spain and Portugal.
Merlin Properties is set to raise fresh capital through a primary accelerated bookbuild offering valued at around EUR 770 million. The offering will involve the issuance of approximately 56.3 million shares, which account for nearly 10 per cent of the company's total share capital, according to details shared by the bookrunner. Advertisement
As part of the transaction, key existing shareholders, including Banco Santander and Nortia Capital, are expected to subscribe to shares worth close to EUR 255 million. Their participation signals continued institutional confidence in the company's long-term strategy and portfolio performance.
The fundraise is being executed through a block trade structure, a method typically used by listed companies to quickly place large volumes of shares with institutional investors. This approach allows companies to raise capital efficiently without prolonged market exposure.
Merlin Properties, one of Spain's leading real estate investment trusts (REITs), has a diversified portfolio spanning office spaces, logistics assets, and shopping centres. In recent years, the company has focused on strengthening its logistics platform and repositioning parts of its office portfolio to align with evolving occupier demand.
The current capital raise comes at a time when European real estate companies are actively managing leverage levels amid changing interest rate conditions. Similar fundraising efforts have been seen across the sector, as firms look to maintain financial flexibility while continuing with asset upgrades and selective acquisitions.
Market participants view the participation of major shareholders as a stabilising factor for the offering, especially given the scale of the issuance. The transaction size, representing a notable portion of the company's equity base, highlights a significant step in Merlin's ongoing capital management efforts.
Source Reuters
5th Jun, 2025
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