Spain's BBVA plans to reduce stake in Madrid real estate project, Cinco Dias reports

MERLIN Properties SOCIMI

14/02/2025 07:31

MADRID, Feb 14 (Reuters) - Spanish lender BBVA  BBVA.MC 
has hired investment bank Rothschild to sell part of its
majority stake in the Crea Madrid Nuevo Norte (Crea MNN) real
estate project, newspaper Cinco Dias reported on Friday.
    BBVA aims to incorporate an investment partner into Crea MNN
to help to launch the development plan in the Spanish capital,
the newspaper said, citing unidentified sources. 
    The report did not elaborate on the size of the stake for
sale or any valuation.
    BBVA declined to comment and Rothschild did not have anyone
available for immediate comment.
    The first phase of the project is due to be completed by
2035, with Crea MNN aiming to provide 1.6 million square metres
(17 million square feet) of office space. The project would
include Spain's tallest skyscraper.
    BBVA holds a stake of around 75.5% in Crea MNN. Real estate
investment trust Merlin Properties  MRL.MC  owns 14.5% and the
rest is held by construction company Grupo San Jose.
    

 (Reporting by Jesús Aguado
Editing by Inti Landauro and David Goodman)
 ((jesus.aguado@thomsonreuters.com; +34 91 835 68 32; Reuters
Messaging: Reuters Messaging:
jesus.aguado.reuters.com@reuters.net))