Merlin buys 14.4% of Operation Chamartín from San José for 168 million

  • The socimi manages to enter the largest urban development in Europe
  • After the failure of the negotiations with BBVA

Merlin Properties has purchased a 14.46% stake in the development company of Madrid Nuevo Norte, the so-called Operación Chamartín, one of the largest urban developments in Europe, to the San José construction group for an amount of 168.89 million euros.

The Socimi led by Ismael Clemente In this way, it manages to position itself in the project after the negotiations that it initially had with BBVA did not prosper., the other development partner, with a 75% stake.

Under the agreement now reached with San José, Merlin buys part of the 24% stake that San José has in Distrito Castellana Norte, the company promoting the project, so that the construction company controlled by Jacinto Rey still keeps 10% of it.

The operation, whose payment includes the granting of a credit to San José, is pending the right of withdrawal that BBVA has on the shares that are sold.

Merlin enters Operation Chamartín just when this operation has achieved the agreement of all the parties involved after more than twenty years of development and negotiation between the promoters and the three administrations that participate in the project, fundamentally laying the floors, the Madrid City Council, the Community of Madrid and the Ministry of Public Works through Renfe and Adif.

The renamed ‘Madrid Nuevo Norte’ is associated with an investment of some 6,000 million euros and will involve acting on three million square meters of land, along an elongated strip 5.6 kilometers long that crosses the North of Madrid, from the vicinity of Plaza de Castilla to the M-40.

The axis of the project is the remodeling of the Chamartín station, and the coverage of its bundle of roads, on which the so-called ‘central park’ will be built, a green space of thirteen hectares.

This park will be the center of the development, which will be completed with a new business center that, together with the already five towers, will turn the area into the new ‘city’ of Madrid, in addition to the construction of 10,500 homes, most of which would be handed over to the administrations.