• Urbanism. The works of Madrid Nuevo Norte will begin in 2021 with the construction of the central park
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Merlin Properties will become full director of Distrito Castellana Norte (DCN), promoter of Madrid Nuevo Norte , the urban development of the North of the capital known as Operation Chamartín , representing the 14.6% stake that the last year at the promoter firm and made him his second partner after BBVA.

The DCN shareholders' meeting will approve this Tuesday , the 28th, the renewal of one of the two directors that the other partner of the company, the San José group, has, a position that, nevertheless, for a few months has been held by Miguel Oñate, Merlin manager.

By virtue of the change, Merlin to be the direct owner of this council chair, in which Oñate will continue to sit, but already on behalf of the socimi instead of on behalf of the construction company, which gave him this position by selling part of his percentage in the company, according to sources informed by Europa Press.

The largest listed socimi enters as a full member in the council of the Castellana Norte District coinciding with its attendance at the first meeting , which will also be held just days after Operation Chamartín achieved final approval and was ready to start the works after 20 years of administrative processing.

The partners of the firm, which complete BBVA, with 75% of the capital, and the San José group, with the remaining 10%, hold their annual assembly when they start a new stage in the project , considered the largest urban development in Europe.

This new stage, which coincides in the midst of a crisis, will begin with the urban planning process prior to the start of works next year.

PURCHASE OF LAND FROM ADIF

Thus, in the first place, the meeting on Tuesday will approve the pertinent modifications to the contract that it has signed with Adif, the promoter and manager of the railway network and owner of a large part of the land, in order to adapt it to the modifications. that the project has experienced during its administrative management.

North Castellana District and Adif plan to formalize the sale of the land for development in the first half of 2021.

In parallel, the company will be setting up the compensation boards with the rest of the small landowners of the project and progressing in the different planning and subdivisions of the land.

Merlin believes that Operation Chamartín "fits like a glove" in its strategy, both due to the development schedule and the type of assets.

As highlighted, 80% of the project is the construction of office buildings and, in addition, the bulk of the operation will be carried out when the socimi concludes the plan it is currently undertaking to improve its portfolio of office buildings, shopping and logistics centers, valued at about 12,700 million.

Thus, since joining DCN in October 2019, Merlin has argued that it is a "long-term strategic investment" to which "it will bring a lot of value".

The project

The currently called Madrid Nuevo Norte is an urban development macroproject estimated at around 6,000 million euros and to be developed in about 20 years.

It will involve acting on three million square meters of land to the North of Madrid, from the vicinity of Plaza de Castilla to the M-40.

The axis of the project is the remodeling of the Chamartín station , and the coverage of its track network, on which the so-called central park will be built.

A new business center will be built around it , which, together with the five towers, will make the area the new city of Madrid, in addition to 10,500 homes , most of which will be public.

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