Pérez-Llorca advises on the largest urban and real estate development in Spain and Europe
Pérez-Llorca has advised Crea Madrid Nuevo Norte on the acquisition of the land on which the largest urban and real estate development in Spain and Europe will be built.
Crea Madrid Nuevo Norte (CreaMNN), and the public railway entities (Adif, Adif Alta Velocidad, Renfe Operacora and Renfe Ingeniería y Mantenimiento) have formalized the transfer of the land of the Chamartín and Fuencarral railway buildings.
The company has acquired the land and the urban development land which, in accordance with the approved planning, will be subject to urban transformation and exceed one million square meters, representing approximately 50% of the Madrid Nuevo Norte urban regeneration project.
The price of the acquisition as a monetary fee amounts to a total of 1,245 million euros, including interest, of which 210 million euros were paid at the time of signing, while the remainder will be paid in deferred payments over a period of 20 years.
The advice has been led by Fausto Romero-Miura, Jose Ángel Nabal, Elena Veleiro and Ildefonso Arenas, with the participation of Encarna Cordero, Alberto Ibort, Jaime de Blas, José Suárez, Gumersindo Manuel Clemente, Nicolás Cuchet, Diego Narbona, María Sánchez, José del Saz-Orozco, Beatriz Rivera, Yi Zhou and María Gutiérrez.
