Spanish department store El Corte Inglés has signed an agreement to sell two buildings in Andalusia to equity fund manager Inbest Real Estate for over €48 mln.
The group is transferring the property where its sports store is located in Seville, in Plaza del Duque, and the former Simago building in Cordoba, located in María y Jesús street.
El Corte Inglés and Inbest have agreed a price of €30 mln for the building in Seville, which consists of 4,800 m2 spread over four floors and a commercial area of 2,800 m2.
The 12,000 m2 building in Cordoba housed a Simago store before becoming an outlet of El Corte Inglés, which however decided to close it 15 years ago. The agreed price amounts to €18.1 mln.
With the acquisition, Inbest strengthens its position in the Spanish real estate market, which includes the Edificio España building and the property at 41 Princesa Street, both in Madrid, among others.
Knight Frank acted as a consultant on the transaction.
The divestments of Seville and Cordoba are part of the strategy promoted by El Corte Inglés, which last March announced its intention to sell some thirty assets for €650-700 mln.
In recent days, El Corte Inglés sold two office buildings in Madrid, located at Avenida de Cantabria 51 and Calle Santiago de Compostela 100 bis, to Saint Croix.
Other sales in the advanced stage include the Servantes building in Azca (Madrid); the building at Pintor Sorolla, 15, in Valencia; the Titania Building in Nuevos Ministerios (Madrid) and the shopping mall in Portal del Ángel, in Barcelona.