The U.S. giant in artificial intelligence is multiplying Merlin Properties’ data center revenues tenfold and establishing Spain as a strategic hub for tech infrastructure.
The landscape of Spain’s corporate real estate market has experienced an unexpected shift. CoreWeave, the American powerhouse specializing in AI infrastructure, has become Merlin Properties’ leading tenant, surpassing long-standing clients such as Endesa, Inditex, and Hotusa.
In just one year, the company led by Ismael Clemente increased its data center revenues by ten times, from €1.03 million in the first half of 2024 to €13.5 million in the same period of 2025. While still modest compared to €143 million from offices, €64 million from shopping centers, or €40 million from logistics warehouses, CoreWeave’s emergence as the primary tenant signals a profound shift in Merlin’s customer profile: digitalization and demand for technological infrastructure are starting to take center stage.
A contract until 2034 and 4.3% of rental income
CoreWeave now accounts for 4.3% of Merlin’s total rental income, with agreements extending until 2034, ensuring long-term stability for the company. This allows it to rise to the top of Merlin’s client rankings, surpassing Endesa (which accounted for 4.1% of rental income last year) and even Inditex, traditionally a major tenant in shopping centers.
This rise of the American firm is seen as a direct consequence of the ongoing digital transformation and the need for infrastructure capable of supporting AI’s huge energy and computing demands.
Barcelona and Álava, epicenters of the agreement
The shift isn’t just reflected in numbers. In mid-May, Merlin finalized an agreement with CoreWeave to lease 39 MW of IT capacity at facilities in Barcelona and Álava.
At the logistics park of the Barcelona Free Trade Zone, the U.S. company will install one of Europe’s first Nvidia Hopper training supercomputers, serving as a flagship for AI projects across the continent. Additionally, it will host its southern Europe headquarters there, strengthening Spain’s position as a key technological node.
Most of the contracted capacity will be concentrated in Catalonia, with Álava complementing as a strategic hub for load distribution and infrastructure resilience.
A new league for Merlin Properties
Until recently, Merlin was synonymous with traditional large-scale real estate assets—offices, shopping centers, and logistics. However, CoreWeave’s entry highlights how digital real estate—driven by data centers—is becoming a new pillar of the business.
Globally, the REIT reached €261 million in revenue in the first half of 2025, up from €243 million the previous year, and reported a net profit of €513 million, nearly quadrupling 2024’s figure. Operating profit increased to €166.6 million, a 12.8% rise.
Although data center revenues are still comparatively small, their exponential growth suggests that this segment could become a key strategic driver in the future.
Implications for the Spanish real estate market
The fact that CoreWeave now outranks companies like Inditex and Endesa in the tenant rankings sets a precedent in Spain. Historically, REITs have primarily served energy, retail, and hospitality sectors. The arrival of an AI giant opens the door to a new category of tenants: tech companies demanding vast spaces for digital infrastructure.
Industry analysts agree that Merlin’s move could signal a broader trend: Spain transforming into a strategic hub for data centers, leveraging its geographical position, international connectivity, and growing interest from global tech multinationals.
A message to other Ibex companies
This move also sends a signal to other major REITs and developers on the Ibex. With CoreWeave already among its top clients, it’s likely that other AI, cloud, and digital infrastructure firms will follow suit. The demand for megawatts of power for supercomputing, storage, and cloud services is only set to grow, and the Spanish corporate real estate sector might be on the cusp of a new tech boom.
Frequently Asked Questions (FAQ)
1. Who is CoreWeave and why is it important for Spain?
CoreWeave is a U.S.-based AI infrastructure provider backed by major clients like Microsoft and OpenAI. Its decision to install supercomputers and establish its headquarters in Barcelona cements Spain’s position as a tech hub in Europe.
2. What does it mean for CoreWeave to be Merlin Properties’ main tenant?
It accounts for the largest share of rent (4.3%) in Merlin’s portfolio, surpassing traditional clients such as Endesa, Inditex, and Hotusa.
3. Why are Merlin’s data center revenues growing so rapidly?
Global digitalization and AI expansion create unprecedented demand for computing capacity and high-energy-consuming facilities.
4. What impact will this agreement have on the Spanish real estate market?
It could attract more tech firms to Spain and reshape REIT strategies, integrating digital infrastructure alongside traditional assets like offices, retail, and logistics.