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Baraka demands €713M compensation from BBVA and DCN
17 October 2019 | Vanessa Sousa

A lawsuit was filed against BBVA and Distrito Castellana Norte (DCN) connected to the Chamartín Operation. The Baraka group denounced the noncompliance of the original owners’ revisionary rights, claiming the payment of 713 million euro in compensation for damages and injuries caused.

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According to Spanish newspaper Cinco Días, both companies were required to «comply with the revisionary rights originating from the expropriation of the Chamartín and Fuencarral railway stations», which didn’t happen.

If BBVA and DCN do not pay the required amount, there is the possibility of Grupo Baraka becoming the owner of the 1.3 million sqm that compose the terrain, revealed daily newspaper Eje Prime.

Mega-project Madrid Nuevo Norte, which should include the construction of 10.500 houses, will be developed on this terrain. Despite the more than 20 years the project was shelved, the Madrid City Hall greenlighted a first draft (not the final draft) of the project in July, and recently 11 international funds showed interest in taking part in the project, such as Qatar’s sovereign wealth fund, Broockfield and Mitsubishi.