Crea Madrid Nuevo Norte has carried out a capital increase totalling €66 million, with BBVA contributing €50 million as the project's main shareholder. The rest of the operation is divided between Merlin Properties, with a contribution of €9.5 million, and Grupo San José, which will contribute €6.6 million, according to information communicated to the Official Gazette of the Mercantile Registry (Borme).
The capital increase is linked to the financing of the preliminary work necessary for the development of the project and is part of the objective to start construction during the first half of the year.
Following this operation, the company's share capital is set at €570.19 million, represented by 1,897,412 registered shares with a nominal value of €300.51 each.
The Madrid Nuevo Norte project is structured as a public-private partnership aimed at the urban transformation of the north of the capital, including the remodelling of Chamartín station and the integration of railway land into the urban fabric. The scope of the project covers an area of 2,357,443 sqm, with a total planned buildable area of 2,657,313 sqm, of which 1,048,535 sqm will be for residential use and 1,608,778 sqm for tertiary uses.
The development includes the construction of some 10,500 homes, 38% of which will be managed by Madrid City Council, as well as a new business centre designed to concentrate economic and business activity.
