€2bn El Corte Inglés asset sale on cards

Spanish department store chain El Corte Inglés has appointed PwC to assess sale options for a portfolio of 130 non-strategic properties.

The assets are thought to be worth between €1.5 bn and €2 bn and the retailer said that if the sales go ahead it will use the proceeds to reduce debt.

The properties, which have a total area of more than 2 million m2, include shopping centres, logistics property, supermarkets, offices and land distributed throughout Spain.

The move follows reports in December that UnibailRodamco-Westfield has agreed to buy two Madrid department stores from El Corte Inglés, reportedly for €160 mln. This too is part of El Corte Inglés’s drive to reduce debt and the company will continue to trade in both locations, at Parquesur and La Vaguada.

In the summer the retailer also sold four assets for €190 mln, including two properties in Valencia.

This article previously appeared in PropertyEU's sister publication, EuroProperty


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