• Transaction / Assets
    14.4% of Operation Chamartín
  • Seller
    Grupo San José
  • Buyer
    Merlin Properties
  • € MM
    168.89

Merlin Properties Acquires 14.4% of Operation Chamartín from San José for €168 Million

1 November 2019 Merlin Properties has acquired a 14.46% stake in the Operation Chamartín urban development from the San José construction group for 168.89 million euros.

The socimi has thus become the second major investor in the mega-project, through its acquisition of part of San José’s 24% stake in the development. BBVA, in turn, owns the remaining 74%.

The operation includes a loan to San José. Currently, Merlin has a portfolio of land, residential properties, shopping centres and logistics platforms valued at €12.375 billion. Merlin, the largest socimi in Spain, is coming into the development at a time when construction is finally set to take off, after twenty years of negotiations.

Original Story: La Vanguardia – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

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