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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://www.w3.org/1999/xlink http://www.xbrl.org/2003/xlink-2003-12-31.xsd">
  <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_label_labelfr" xml:lang="fr">Primes, titres auto-détenus et autres réserves</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:to="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals_label_labelfr" xml:lang="fr">Ajustements pour dotation aux amortissements et aux provisions, nette des reprises</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" xlink:to="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForDiscountingAdjustmentsToConstructionLeases" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForDiscountingAdjustmentsToConstructionLeases" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForDiscountingAdjustmentsToConstructionLeases_label_labelfr" xml:lang="fr">désactualisation des baux à construction </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDiscountingAdjustmentsToConstructionLeases" xlink:to="AdjustmentsForDiscountingAdjustmentsToConstructionLeases_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForExpensesIncomeFromNetFinancialDebt" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForExpensesIncomeFromNetFinancialDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForExpensesIncomeFromNetFinancialDebt_label_labelfr" xml:lang="fr">Ajustements pour coût / (produit) de l'endettement financier net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForExpensesIncomeFromNetFinancialDebt" xlink:to="AdjustmentsForExpensesIncomeFromNetFinancialDebt_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForFinancialExpensesSpreadOut" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForFinancialExpensesSpreadOut" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForFinancialExpensesSpreadOut_label_labelfr" xml:lang="fr">étalement des frais financiers</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinancialExpensesSpreadOut" xlink:to="AdjustmentsForFinancialExpensesSpreadOut_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForInterestOnNoncashLoans" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForInterestOnNoncashLoans" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForInterestOnNoncashLoans_label_labelfr" xml:lang="fr">intérêts sur prêts non cash</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestOnNoncashLoans" xlink:to="AdjustmentsForInterestOnNoncashLoans_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease_label_labelfr" xml:lang="fr">droits d’entrée reçus des locataires, étalés sur la durée du bail</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" xlink:to="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:href="mercialys-2022-12-31.xsd#mercialys_AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_label_labelfr" xml:lang="fr">Ajustements pour intérêts financiers nets au titre des contrats de location</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:to="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" xlink:href="mercialys-2022-12-31.xsd#mercialys_CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets_label_labelfr" xml:lang="fr">Décaissements liés aux acquisitions d’immeubles de placement et autres immobilisations </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" xlink:to="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets" xlink:href="mercialys-2022-12-31.xsd#mercialys_CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets_label_labelfr" xml:lang="fr">Encaissements liés aux cessions d’immeubles de placement et autres immobilisations </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets" xlink:to="CashReceiptsOnDisposalsOfInvestmentPropertiesAndOtherFixedAssets_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInDepositsAndGuarantees" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInDepositsAndGuarantees" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInDepositsAndGuarantees_label_labelfr" xml:lang="fr">Variation des dépôts et cautionnements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInDepositsAndGuarantees" xlink:to="ChangeInDepositsAndGuarantees_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInLoansAndAdvancesGranted" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInLoansAndAdvancesGranted" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInLoansAndAdvancesGranted_label_labelfr" xml:lang="fr">Variation des prêts et avances consentis</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInLoansAndAdvancesGranted" xlink:to="ChangeInLoansAndAdvancesGranted_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees_label_labelfr" xml:lang="fr">Variation du besoin en fonds de roulement liée à l’activité, hors dépôts et cautionnements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" xlink:to="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables_label_labelfr" xml:lang="fr">Variation de besoin de fonds de roulement - Autres créances et dettes</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables" xlink:to="ChangeInWorkingCapitalRequirementsOtherReceivableAndPayables_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangesInTreasuryShares" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChangesInTreasuryShares" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangesInTreasuryShares_label_labelfr" xml:lang="fr">Variation des actions propres</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInTreasuryShares" xlink:to="ChangesInTreasuryShares_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChargesAndTaxBilledToTenant" xlink:href="mercialys-2022-12-31.xsd#mercialys_ChargesAndTaxBilledToTenant" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChargesAndTaxBilledToTenant_label_labelfr" xml:lang="fr">Charges refacturées aux locataires</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargesAndTaxBilledToTenant" xlink:to="ChargesAndTaxBilledToTenant_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ConsolidatedReservesAndRetainedEarningsMember" xlink:href="mercialys-2022-12-31.xsd#mercialys_ConsolidatedReservesAndRetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ConsolidatedReservesAndRetainedEarningsMember_label_labelfr" xml:lang="fr">Réserves et résultats consolidés</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedReservesAndRetainedEarningsMember" xlink:to="ConsolidatedReservesAndRetainedEarningsMember_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyInterim" xlink:href="mercialys-2022-12-31.xsd#mercialys_DividendsPaidToShareholdersOfTheParentCompanyInterim" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyInterim_label_labelfr" xml:lang="fr">Acompte sur dividendes (année en cours)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToShareholdersOfTheParentCompanyInterim" xlink:to="DividendsPaidToShareholdersOfTheParentCompanyInterim_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear" xlink:href="mercialys-2022-12-31.xsd#mercialys_DividendsPaidToShareholdersOfTheParentCompanyPreviousYear" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear_label_labelfr" xml:lang="fr">Dividendes versés aux actionnaires de la société mère (année précédente)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear" xlink:to="DividendsPaidToShareholdersOfTheParentCompanyPreviousYear_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ExpenseIncomeFromNetFinancialDebt" xlink:href="mercialys-2022-12-31.xsd#mercialys_ExpenseIncomeFromNetFinancialDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ExpenseIncomeFromNetFinancialDebt_label_labelfr" xml:lang="fr">(Coût de l’endettement financier net) / Produit de la trésorerie nette </link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseIncomeFromNetFinancialDebt" xlink:to="ExpenseIncomeFromNetFinancialDebt_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="FinalDividendsPaidForPreviousYear" xlink:href="mercialys-2022-12-31.xsd#mercialys_FinalDividendsPaidForPreviousYear" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FinalDividendsPaidForPreviousYear_label_labelfr" xml:lang="fr">Solde des dividendes versés au titre</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinalDividendsPaidForPreviousYear" xlink:to="FinalDividendsPaidForPreviousYear_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="GrossFinanceCosts" xlink:href="mercialys-2022-12-31.xsd#mercialys_GrossFinanceCosts" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="GrossFinanceCosts_label_labelfr" xml:lang="fr">Coût de l’endettement financier brut</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossFinanceCosts" xlink:to="GrossFinanceCosts_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ImpactOfChangesInScopeWithChangeOfControl" xlink:href="mercialys-2022-12-31.xsd#mercialys_ImpactOfChangesInScopeWithChangeOfControl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ImpactOfChangesInScopeWithChangeOfControl_label_labelfr" xml:lang="fr">Incidence des variations de périmètre avec changement de contrôle</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpactOfChangesInScopeWithChangeOfControl" xlink:to="ImpactOfChangesInScopeWithChangeOfControl_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncreaseDecreaseShareCapital" xlink:href="mercialys-2022-12-31.xsd#mercialys_IncreaseDecreaseShareCapital" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="IncreaseDecreaseShareCapital_label_labelfr" xml:lang="fr">Dividendes versés aux participations ne donnant pas le contrôle, classés dans les activités de financement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseShareCapital" xlink:to="IncreaseDecreaseShareCapital_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InterestReceived" xlink:href="mercialys-2022-12-31.xsd#mercialys_InterestReceived" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InterestReceived_label_labelfr" xml:lang="fr">Intérêts financiers nets perçus</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceived" xlink:to="InterestReceived_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InterimDividendsPaidForCurrentYear" xlink:href="mercialys-2022-12-31.xsd#mercialys_InterimDividendsPaidForCurrentYear" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InterimDividendsPaidForCurrentYear_label_labelfr" xml:lang="fr">Acompte sur dividendes versés</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaidForCurrentYear" xlink:to="InterimDividendsPaidForCurrentYear_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetPropertyOperatingCharges" xlink:href="mercialys-2022-12-31.xsd#mercialys_NetPropertyOperatingCharges" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetPropertyOperatingCharges_label_labelfr" xml:lang="fr">Charges sur immeubles</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPropertyOperatingCharges" xlink:to="NetPropertyOperatingCharges_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetRentalIncome" xlink:href="mercialys-2022-12-31.xsd#mercialys_NetRentalIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetRentalIncome_label_labelfr" xml:lang="fr">Loyers nets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRentalIncome" xlink:to="NetRentalIncome_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherExpenseFromOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherExpenseFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherExpenseFromOrdinaryActivities_label_labelfr" xml:lang="fr">Autres charges</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseFromOrdinaryActivities" xlink:to="OtherExpenseFromOrdinaryActivities_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherIncomeFromOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherIncomeFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherIncomeFromOrdinaryActivities_label_labelfr" xml:lang="fr">Autres produits</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeFromOrdinaryActivities" xlink:to="OtherIncomeFromOrdinaryActivities_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherOperatingExpenseFromNonOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherOperatingExpenseFromNonOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherOperatingExpenseFromNonOrdinaryActivities_label_labelfr" xml:lang="fr">Autres charges opérationnelles</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseFromNonOrdinaryActivities" xlink:to="OtherOperatingExpenseFromNonOrdinaryActivities_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherOperatingIncomeFromNonOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities_label_labelfr" xml:lang="fr">Autres produits opérationnels</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:to="OtherOperatingIncomeFromNonOrdinaryActivities_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherTransactionsWithShareholders" xlink:href="mercialys-2022-12-31.xsd#mercialys_OtherTransactionsWithShareholders" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherTransactionsWithShareholders_label_labelfr" xml:lang="fr">Autres opérations avec les actionnaires</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionsWithShareholders" xlink:to="OtherTransactionsWithShareholders_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ReversalOfAllowanceForProvisions" xlink:href="mercialys-2022-12-31.xsd#mercialys_ReversalOfAllowanceForProvisions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ReversalOfAllowanceForProvisions_label_labelfr" xml:lang="fr">Reprises / (Dotations) aux provisions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfAllowanceForProvisions" xlink:to="ReversalOfAllowanceForProvisions_label_labelfr" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ServiceChargesAndPropertyTax" xlink:href="mercialys-2022-12-31.xsd#mercialys_ServiceChargesAndPropertyTax" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ServiceChargesAndPropertyTax_label_labelfr" xml:lang="fr">Charges locatives et impôt foncier</link:label>
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