30 September 2019 – BBVA is finalising negotiations to transfer its rights to the Castellana Norte District (DCN) to Merlin Properties. The sale would be potentially the largest real estate operation in Spain and Europe, according to knowledgeable sources.
The two firms have been negotiating the details of the agreement for weeks and BBVA is likely to retain a small stake, about 2%, in the new company. At the moment, BBVA controls 75% of DCN’s capital, while the construction company San José controls the remaining 25%. The project, known as Operation Chamartín, will include residential areas on 25% of the land, with offices, commercial premises and green areas on the rest.
BBVA will supervise the development until its completion, which, due to the size and complexity of the project, is expected to take 25 years.
Original Story: El País – Íñigo de Barrón
Adaptation/Translation: Richard D. K. Turner