Castellana Norte District: Merlin, BBVA and San José to inject €20M more

Castellana Norte District: Merlin, BBVA and San José to inject €20M more

New capital injection on Castellana Norte District. The developer in charge of Madrid Nuevo Norte, owned by BBVA, Merlin and Grupo San José, approved a 20.2 million euro capital increase, to continue the development.

The operation was carried out through the issuance of 67.242 new ordinary shares at 300.5 euro each, according to Boletín Oficial del Registro Mercantil (Borme). Following the capital increase, approved by a shareholders’ general meeting which took place on 8th of April. Distrito Castellana Norte’s (DCN) share capital increased from 175.9 million euro to 196. 2 million euro.

Of all the subscribed capital, 15.3 million euro will be subscribed by Inverahorro, a company controlled by BBVA which owns 75.5% of DCN’s shares, through the acquisition of 350.795 shares. Merlin, which controls 14.46% of the society will contribute with 2.9 million euro by buying 9.723 new shares and Grupo San José, owner of DCN’s remaining 10.54%, will invest 2 million euro through the purchase of 6.724 shares.

The company carries out this type of capital increases periodically to face costs. The last capital increase took place last January, when the company issued a 7.7 million euro capital increase. In July 2019, the company had carried out a 22 million euro capital increase; an 18.9 capital increase operation was carried out in April 2018; and in October 2017 another one for 8.5 million euro.

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