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Cartis diligence evidence schedule

MERLIN Edged Lisbon VFX Campus

PRJ-1293 · Site · Vila Franca de Xira, Portugal

Record last updated Oct 29, 2026

Scope and capacity

MERLIN is developing a five-building data centre campus at its VFX site in Vila Franca de Xira, near Lisbon. The plan comprises an initial 80 MW of IT capacity plus 100 MW in three later buildings, for a 180 MW full-campus target. Construction and site preparation are not evidence that the full capacity is operating. The July 2026 update described progress on the initial works and preparation for later buildings, with the latter now targeted to become ready together in the first half of 2029 rather than on the earlier staggered schedule. Power allocations in the investor plan remain distinct from installed IT load. Site-specific financing, measured cooling performance and a complete current permit register were not independently established.

Headline: 180 MW Planned critical IT

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Claims and exhibit sources

Jump to a claim (9)

Target IT capacity MW · 180 MW

Planned / design or future potential · MERLIN Edged Lisbon VFX Campus (Project)

Claim 160797 · Recorded claim type: Forecast · Review: Approved · Claim date: Not stated

Headline treatment: Selected headline

  1. MERLIN Capital Markets Day, Navalmoral slides 37–39

    MERLIN Properties · Document date: Mar 10, 2026 · Primary

    Source reference: SRC-8120 · Company announcement · Recorded authority: Party primary

    Source URL

    https://ir.merlinproperties.com/wp-content/uploads/2026/03/CMD-2026-CNMV-1.pdf

Site location · Plataforma Logística Lisboa Norte, Castanheira do Ribatejo. LIS-VFX 01–05 constitute one campus.

Reported rounded · MERLIN Edged Lisbon VFX Campus (Project)

Claim 160798 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Lisbon campus address

    MERLIN Properties · Document date: Not stated · Primary

    Source reference: SRC-8124 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.merlinproperties.com/activos/data-center-lisboa/

Land and site control context · Operator names the logistics park and municipality; five DC buildings plus administrative/offices.

Reported rounded · MERLIN Edged Lisbon VFX Campus (Project)

Claim 160799 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Not stated

  1. Lisbon campus address

    MERLIN Properties · Document date: Not stated · Primary

    Source reference: SRC-8124 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.merlinproperties.com/activos/data-center-lisboa/

Phase initial design IT capacity MW · 80 MW

Design · MERLIN Edged Lisbon VFX Campus (Project)

Claim 160800 · Recorded claim type: Design · Review: Approved · Claim date: Not stated

Headline treatment: Separate claim, not added to the headline

  1. MERLIN Capital Markets Day, Navalmoral slides 37–39

    MERLIN Properties · Document date: Mar 10, 2026 · Primary

    Source reference: SRC-8120 · Company announcement · Recorded authority: Party primary

    Source URL

    https://ir.merlinproperties.com/wp-content/uploads/2026/03/CMD-2026-CNMV-1.pdf

Phase later design IT capacity MW · 100 MW

Design · MERLIN Edged Lisbon VFX Campus (Project)

Claim 160801 · Recorded claim type: Design · Review: Approved · Claim date: Not stated

Headline treatment: Separate claim, not added to the headline

  1. MERLIN Capital Markets Day, Navalmoral slides 37–39

    MERLIN Properties · Document date: Mar 10, 2026 · Primary

    Source reference: SRC-8120 · Company announcement · Recorded authority: Party primary

    Source URL

    https://ir.merlinproperties.com/wp-content/uploads/2026/03/CMD-2026-CNMV-1.pdf

Reviewed lis permit context · MERLIN’s 2024 annual report states that LIS01-VFX had a licence and power, with earthworks already begun by year end. This is issuer reported LIS01 status, not an independently inspected municipal instrument or approval of all five buildings. The report does not establish energized supply or commissioned IT capacity.

Source report · MERLIN Edged Lisbon VFX Campus (Project)

Claim 162664 · Recorded claim type: Not stated · Review: Approved · Claim date: Not stated

  1. MERLIN annual report 2024 — Lisbon campus review

    MERLIN Properties · Document date: Not stated · Primary

    Source reference: SRC-8340 · Recorded authority: Party primary

    Source URL

    https://ir.merlinproperties.com/IA24_Merlin_Castellano/30/

Reviewed lis cooling context · Edged advertises N+1 glycol heat transfer with rooftop air cooled chillers and secondary closed loop evaporators, with cooling WUE of 0.00 L/kWh. These are design specifications, not measured performance or zero total site water consumption.

Source report · MERLIN Edged Lisbon VFX Campus (Project)

Claim 162665 · Recorded claim type: Not stated · Review: Approved · Claim date: Not stated

  1. Edged Lisbon facility specification

    Edged · Document date: Not stated · Primary

    Source reference: SRC-8341 · Fact sheet · Recorded authority: Party primary

    Source URL

    https://edged.es/lisbon

Reviewed lis connectivity power context · Edged’s site specification advertises two meet me rooms, three diverse fibre entry points, dedicated substations, N+1 UPS and generators, and redundant A+B distribution. Named contracted carriers, installed equipment and energization are not verified by these specifications.

Source report · MERLIN Edged Lisbon VFX Campus (Project)

Claim 162666 · Recorded claim type: Not stated · Review: Approved · Claim date: Not stated

  1. Edged Lisbon facility specification

    Edged · Document date: Not stated · Primary

    Source reference: SRC-8341 · Fact sheet · Recorded authority: Party primary

    Source URL

    https://edged.es/lisbon

Reviewed lis partners investment context · A mayoral interview posted by the municipality on October 8, 2024 describes Lisbon Campus as a joint MERLIN Properties and Edged Energy project combining a data centre and technology innovation centre, with approximately €1 billion of investment. This is combined project context, not proven equity ownership, title, allocated data centre budget or financing.

Source report · MERLIN Edged Lisbon VFX Campus (Project)

Claim 162667 · Recorded claim type: Not stated · Review: Approved · Claim date: Not stated

  1. Vila Franca de Xira mayoral interview — Lisbon Campus context

    Municipality of Vila Franca de Xira · Document date: Oct 8, 2024 · Primary

    Source reference: SRC-8342 · Government record · Recorded authority: Official primary

    Source URL

    https://www.cm-vfxira.pt/municipio/camara-municipal/comunicacao/noticias/noticia/vila-franca-de-xira-e-um-espaco-de-excelencia-na-area-metropolitana-de-lisboa

Counterparties and capital

MERLIN Properties · Developer · CMP-1723

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.