Madrid’s landmark urban development, Madrid Nuevo Norte, is a step closer to reality after leading real estate developers BBVA, Merlin Properties, and Grupo San José approved a capital injection of €65.99 million. This major funding move comes as preparations ramp up for construction on land formerly known as “Operation Chamartín,” with the first urbanization works set to begin in 2026.
The decision follows an extraordinary general meeting scheduled for December 17, coinciding with the first anniversary of the land acquisition from Adif and Renfe. The transaction, valued at €1.24 billion, is one of the largest urban land deals in Spanish history and will be paid in installments over the next 20 years.
About the Capital Increase
Crea Madrid Nuevo Norte—the consortium overseeing the project and jointly owned by BBVA (74.54%), Merlin Properties (14.46%), and Grupo San José (10%)—will issue 219,606 new shares, each valued at €300.51. This move ensures all partners will maintain their proportional stakes as project development enters a crucial phase.
First Urbanization Works in 2026
The capital injection paves the way for construction to begin in 2026, starting with Las Tablas Oeste, the first of four zones in Madrid Nuevo Norte. This new neighborhood will span over 300,000 square meters, strategically located between the Las Tablas area and Fuencarral train tracks.
Las Tablas Oeste is set to become a vibrant mixed-use district, featuring:
- 741 new homes, with 25% reserved as protected housing
- 124,000 square meters allocated for offices and business use
- 14,000 square meters dedicated to retail and commercial spaces
The Madrid City Council approved the urbanization plans in May, expecting work to commence in early 2026.
Significance for Spain Real Estate
Madrid Nuevo Norte is not just Spain’s largest active urban regeneration project, but also one of Europe’s most ambitious. Backed by some of the country’s top real estate and construction companies, the project aims to transform the north of Madrid into a new center for living, working, and leisure. As the first cranes prepare to rise and Las Tablas Oeste begins to take shape, this €66 million investment marks a pivotal milestone in Spain’s dynamic real estate development sector.
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