MADRID (Reuters) – Spanish lender BBVA 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 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)
