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Operación Chamartín’s Property Developer Recorded Losses of €5M Last Year

18 February 2020 – Cinco Días

The real estate company Distrito Castellana Norte (DCN), the property developer behind the urban development of Madrid Nuevo Norte (the new name for the project known historically as Operación Chamartín), recorded losses of €5 million in 2019, according to Cinco Días.

BBVA, which controls 75.5% of the company, explains in its annual report, that the subsidiary has a net book value of €113 million and net equity of €150 million. The loss revealed by the bank has come to light before the real estate company itself has had a chance to present its own results.

Original Story: Cinco Días

Translation/Summary: Carmel Drake