MERLIN Properties secures €3.75 billion syndicated financing
SAN•MERLIN Properties closed €3.75 billion in sustainable, unsecured syndicated financing to refinance corporate debt. The financing includes a €2.25 billion term loan and a €1.5 billion sustainability-linked revolving credit facility, and extends average debt maturity from 3.7 years to 5.3 years.
1. Financing structure
The €2.25 billion term loan is available through April 30, 2027, for debt repayments and future financing needs, particularly data center development. The €1.5 billion revolving credit facility is linked to sustainability targets.
2. Cost and participation
The average financing cost is MS + 100 basis points. Banco Santander participates only in the revolving credit facility; the board approved its €200 million participation on October 15, 2026. Santander holds approximately 24.71% of MERLIN Properties’ share capital.
