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Merlin (MRLSM: Baa2 pos / BBB+): 1H24 Results

REAL ESTATE
Solid results
  • Data Centre revaluation +13.3% avoided overall fall in GAV
  • Rental growth +2.8% lfl
  • EBITDA 188.4m +3.7%
  • LTV 35.6% increased from 35% with Net Debt +2.6%
  • 97.2% fixed rate and €1.6bn liquidity to cover maturities to Nov 26
  • Logistics 97.6% occupancy
  • Shopping Centres 96% occupancy
  • Outlook is for 93% occupancy in offices

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