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