This is a position which has been assumed by Miguel Oñate, director at the Spanish REIT, and which should be approved during the Distrito Castellana Norte (DCN) shareholders’ meeting scheduled for this Tuesday. It should be noted that this position was occupied by a representative from group San José, which gave it up by selling its share of the company, as revealed by the company’s sources to Europa Press.
This nomination will take place one week after project Madrid Nuevo Norte was approved in full by the Comunidad de Madrid (Community of Madrid) after the plan was technically rectified. The project’s next step is the urban process, which will be followed by the beginning of the construction works which are scheduled for 2021.
At the end of last year, Merlin Properties advanced with the purchase of a 14.6% share of developer DCN from group San José for 169 million euro. With this operation, the REIT become DCN’s second-largest shareholder, after bank BBVA which owns 75% of the capital. Group San José’s share was reduced to around 10%.