Link Securities | BBVA (BBVA) has put part of Madrid Nuevo Norte up for sale, according to Cinco Días. The bank, which controls almost 76% of the development company, has hired Rothschild for the operation and is looking for a partner to provide resources as the so-called Operation Chamartín has begun to get underway.
The sources consulted by the newspaper indicate that it would be conventional for Rothschild to look for buyers among insurance companies, large real estate funds and sovereign wealth funds. It would be stranger if its partner, Merlin Properties (MRL), were to buy part of the capital.
In 2019, the REIT already negotiated with the bank the acquisition of a majority stake, without reaching a final agreement, after which MRL entered the project by buying a portion of Grupo Sanjosé’s (GSJ) stake.
