DCN should receive €7.7M capital injection

DCN should receive €7.7M capital injection

This capital injection following the company’s need to rectify its recurrent spending will be discussed during the shareholders’ meeting which will feature representatives from Bbva (75%), Merlin Properties (14.6%) and Grupo San José (10.4%), according to Spanish daily newspaper Eje Prime quoting the Boletín Oficial del Registro Mercantil.

Almost three months after having been greenlit by the Community of Madrid, construction works for mega-project Madrid Nuevo Norte still haven’t started and, according to the Spanish daily newspaper, there are no revenues yet.

The fact is that this is not the first time the company injects capital for this purpose. The latest capital injection was carried out last July for 22 million euro. In total, almost 50 million euro were already injected.

What is already considered «the largest urban renewal project in Europe» is estimated at 6 billion euro and has an allowed buildable area of 2.657.313 sqm, of which 1.050.000 sqm are destined for housing and 1.040.000 sqm for the tertiary sector with mixed uses to boost urban activity, Madrid Nuevo Norte will generate up to 250.000 jobs, create 10.500 dwellings (20% with affordable rents) and will offer a new iconic image to the capital with a state-of-the-art business district.

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