Spanish lender BBVA has reportedly engaged investment bank Rothschild to facilitate the sale of a portion of its controlling interest in the Crea Madrid Nuevo Norte (Crea MNN) real estate venture. The goal is to bring in an investment partner to assist with launching the development scheme in the Spanish capital. Specifics regarding the stake size for sale or valuation were not disclosed in the report.
The Crea MNN project is projected to be finalized by 2035, with plans to deliver 1.6 million square meters (17 million square feet) of office space, including Spain's tallest skyscraper.
Currently, BBVA holds approximately 75.5% of Crea MNN, with real estate investment trust Merlin Properties owning 14.5% and the remaining portion being held by construction firm Grupo San Jose. BBVA and Rothschild refrained from providing immediate comments at the time of the report.