Tuesday, October 27, 2020
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Distrito Castellana Norte Proposes a €7.7 Million Capital Increase

The company owned by BBVA, Merlin and Grupo San José is proposing a 7.7 million euro capital increase to its shareholders, which will be used to cover the company's recurring expenses.

Distrito Castellana Norte, the developer behind Madrid Nuevo Norte, is going to propose a new capital increase amounting to 7.7 million euros at its next shareholders’ meeting, according to the Official Gazette of the Mercantile Registry (Borme).

This capital injection must be ratified on 11 November and will be used to pay the company’s recurring expenses, such as the salaries of its workers. That is because DCN has not started billing since the project has not yet started; in theory, work is expected to begin in 2021.

Read the full article in Spanish.

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