18 December 2018 – Iberian Property
To continue its policy of reducing debt through the sale of real estate assets, El Corte Inglés has closed its biggest sale of buildings so far, receiving €160 million for its centres in Parquesur and La Vaguada, both in Madrid.
Although the group will continue to operate in these commercial centres on a tenant basis, the properties will now be owned by Unibail-Rodamco-Westfield (URW). Thus, it is also selling the stores that it had in the interior, where URW already was co-owner. The Parquesur store measures 20,000 m2 and the La Vaguada store spans 20,200 m2, as reported by Cinco Días based on data from ‘La Asociación Española de Centros y Parques Comerciales’ (the Spanish Association for Shopping Centres and Retail Parks).
Through this transaction, El Corte Inglés is continuing its strategy of divesting non-strategic real estate assets. Thus, in 2018, it has carried out several sales, specifically, it sold two assets in Madrid to the Inbest Socimi in the summer for €100 million and another two assets in Valencia in October for about €90 million.
The value of the URW’s properties in Spain, not including this latest transaction, amounts to €3,823 million.
Original story: Iberian Property (by Jaqueline Cardoso)
Edited by: Carmel Drake