Davis Polk advised the underwriters as to U.S. law in connection with the offering by Merlin Properties SOCIMI, S.A. (Merlin) of 129,212,000 new ordinary shares pursuant to a public rights offering in Spain and private placements to institutional investors outside Spain, including in the United States. The offering raised gross proceeds of approximately €1.034 billion. Davis Polk  also served as special disclosure counsel with respect to disclosure about Testa Inmuebles en Renta, S.A., which was acquired by Merlin with the proceeds of the offering. 

Merlin is the largest real estate company trading on the Spanish Stock Exchanges, specialized in the acquisition and management of commercial property in the Iberian region. Merlin mainly invests in offices, shopping centers and logistics facilities. 

The Davis Polk corporate team included partner Michael J. Willisch and associate Marcus K. Hintze. All members of the Davis Polk team are based in the Madrid office. 

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