This Thursday will be a historic day for the city of Madrid. The great urban development popularly known as Operation Chamartín will finally be unlocked after 30 years of comings and goings with the signing of the sale of the land by Adif to Crea Madrid Nuevo Norte.
As you have been able to know elEconomista.es The Board of Directors of Adif approved this Wednesday the agreement reached with the project promoter and throughout Thursday the sale of the land on which the largest urban development operation in Spain and Europe will be built will be signed.
The signing of this operation, valued at around 1,245 million euros and which was scheduled for before the end of November, It was delayed a few days due to a mere formal procedure, since the agreement reached had to be passed before going to the notary by the Boards of Directors of Adif and Crea Madrid Nuevo Norte.the company promoting the project in which BBVA (75.54% of the capital), Merlin (14.46%) and GrupoSanjose (10%) participate.
Once these milestones have been met, the signing will be executed, which will be the starting signal for this development that will inject 10,500 new homes into the city of Madrid, as well as a new business center and green areas, also closing the gap existing railway line north of the Chamartín-Clara Campoamor station.
Over the last decades this development has undergone an important transformation in its design due to political changesbut in addition, it has also had to face several appeals that ended up in the Supreme Court, which gave definitive legal support to Madrid Nuevo Norte last April.
Following the Adif agreement, Adif Alta Velocity, Renfe Operadora and Renfe Mantenimiento, the public companies that own different plots of land, will transfer 49% of the operation to CreaMNN. In total, Madrid Nuevo Norte hosts a Total area of 3.35 million square metersof which 2.3 million are not railway tracks.
Organization of payments
In the absence of definitive details being known, the sales agreement between Adif and Crea MNN dates back to 2015. At that time the operation was structured through 20-year financing for 1,245 million euros. Specifically, the agreement establishes that, at the time of signing, the developer will have to make a first payment of 216.87 million euros.
The next disbursement will occur after five years and will be 68.69 million of euros plus interest of 23 million euros. From then on and for 15 years, annual payments will be made for very similar amounts – decreasing each year – until reaching a total amount of 984.22 million euros on the ground plus 261.23 million in interest. 25,000 million in investment.
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