Spain’s real estate investment sector is buzzing this week as Crea Madrid Nuevo Norte—the consortium owned by banking giant BBVA, real estate investment trust Merlin Properties (IBEX-35), and construction leader Grupo San José—confirms a fresh capital injection of nearly €66 million to supercharge the start of the highly-anticipated Madrid Nuevo Norte urban development.
The capital increase will be formalized at an extraordinary general meeting set for December 17, marking a defining moment for the project and coming on the first anniversary of acquiring the prized plots from Adif and Renfe. Those lands, valued at €1.25 billion, now clear for development, represent one of the largest urban regeneration opportunities in Europe and a fulcrum for ongoing Spain real estate investment.
A Boost Ahead of Madrid Nuevo Norte Construction
The deal, as reported in the Official Gazette of the Mercantile Registry (Borme), will see Crea Madrid Nuevo Norte issue 219,606 new shares, each with a nominal value of €300.51. Reflecting their equity stakes, BBVA will lead with 74.54% of the investment, followed by Merlin at 14.46%, and Group San José rounding out the pool with 10%. This strategic move solidifies the partners’ long-term commitment to the transformation of northern Madrid.
Madrid Nuevo Norte: Spain’s Largest Urban Development Takes Shape
With first urbanization works scheduled for 2026, the injection marks a pivotal pre-construction milestone. Initial efforts will focus on the Las Tablas Oeste sector—a new neighborhood spanning over 300,000 square meters, strategically positioned between the established Las Tablas area and the Fuencarral railway tracks.
According to the Madrid City Council’s already-approved urbanization blueprint, work in Las Tablas Oeste will commence in early 2025. Once realized, the neighborhood will offer:
- 741 new homes, with 25% earmarked for public protection and affordable housing;
- 124,000 square meters of tertiary-use space, primarily offices;
- 14,000 square meters for commercial and retail use.
Why Madrid Nuevo Norte Matters for Spain Real Estate Investment
The scale and ambition of Madrid Nuevo Norte make it a barometer for Spain’s real estate investment climate. As cranes prepare to rise and city landscapes prepare to dramatically change, investors and analysts see this as a vote of confidence in Spain’s capital and its growing status as a European property hotspot.
This latest €66 million boost underlines the project’s readiness for take-off and signals to international investors that Madrid—and Spain as a whole—remains an attractive, stable, and forward-looking market for real estate investment.
Stay tuned for further updates, as the transformation of Madrid’s skyline—and the entire Spanish real estate investment sector—continues to gather pace.
