3 August 2018 – Voz Pópuli
A new operation for El Corte Inglés. The distribution group has put up for sale two of its smaller department stores. The properties, located in Madrid and Bilbao, are considered non-strategic by the retailer although it will continue to occupy them as the tenant, according to sources close to the operation.
The Expansión newspaper reports that El Corte Inglés is finalising the sale of two establishments to Inbest, the investment vehicle owned by the manager Corpfin Capital Real Estate for around €100 million.
The department store group will continue to use the two buildings – located on Calle Princesa in Madrid and Gran Vía de Don Diego López de Haro in Bilbao – through a long-term lease contract.
This operation forms part of El Corte Inglés’s debt reduction plan. According to Expansión, it is the first divestment that the group will make following the appointment of Jesús Nuño de la Rosa as President in June.
Original story: Voz Pópuli
Translation: Carmel Drake