Merlin Properties is going to become a director in its own right of Distrito Castellana Norte (DCN), the company that is promoting the urban development of Madrid Nuevo Norte. The Socimi will be representing the 14.6% stake that it bought in the property developer last year. Merlin is DCN’s second-largest shareholder after BBVA.
On Tuesday 28 June, DCN’s shareholders’ meeting was set to approve the renewal of one of the two directors representing the San José group, a historic partner of BBVA in what is known as Operation Chamartín and which last year sold 14.6% of its stake in the project to Merlin for 168 million euros. For several months, the position has been held by Miguel Oñate, a director of Merlin.
Read the full article in Spanish.