The real estate companies Merlin and GMP have created a company, Renazca, to renovate Azca, the financial district in Madrid. The firm will be the property developer responsible for the renovation and urban management of this area in Madrid, according to Cinco Días.
The owners of other buildings in Azca will also enter the shareholding of this company, which has been created by the two Socimis. The major landlords in the area want to rejuvenate the neighbourhood, which has suffered from years of under-investment.
Translation/Summary: Carmel Drake