Saturday, October 24, 2020
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Merlin Buys New Land in Madrid Nuevo Norte for €30 Million

The Socimi has acquired several plots of land in the ​​Madrid Nuevo Norte area, spanning around 30,000 square metres in total, for 30 million euros.

Merlin Properties has closed the purchase of several plots of land spanning around 30,000 square metres in total. The move is aimed at ensuring that Castellana Norte District (DCN), the developer of Madrid Nuevo Norte, in which the Socimi holds a stake, has a majority vote in all four of the areas into which the entire development has been divided: Chamartín station, the Business Centre, Las Tablas West and Malmea-San Roque-Fuencarral.

DCN already had a majority in the first three areas, but it held a minority in the last area until now. In addition, the future stability of the project was threatened by several cases of conflictive undivided contracts and some insolvencies that, if left unresolved, could lead to bankruptcy proceedings or foreclosures in the future, according to El Confidencial.

Read the full article in Spanish.

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