Merlin Properties Prepares New Offer for Operation Chamartín

28 November 2019 – Merlin Properties has finalised an agreement with BBVA and the San José construction group to give it the right of first refusal for a stake in the North Castellana District (DCN), where the San José holds a 10% stake and the bank 75.54%. The socimi, however, intends to make an offer right away.

Merlin Properties currently has a 14.46% stake in the Operation Chamartín development and is looking for greater control. Merlin had already offered to trade control of 700 offices that it currently rents to the banking group for the operating rights to Operation Chamartín. The bank, however, is seen to be more interested in taking a stake in Merlin Properties itself, possibly of 2%.

Original Story: OK Diário – Borja Jiménez

Adaptation/Translation: Richard D. K. Turner

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