El Corte Inglés has sold the building located at the corner of Plaza de Cataluña and Rambla de Barcelona for 100 million Euros to the international fund IVA Capital Partners, although the department store will continue occupying the building as a tenant. The sale of the building is defined into the restructuring process of the debt of 5000 million Euros that has been entrusted to Morgan Stanley, as informed by La Vanguardia.
The building has 8000 square meters and holds a multibrand center with international luxury fashion brands for women. This is a building that was acquired in 2001 when it took over the business from Marks & Spencer in Spain and is located in the same square where another of its department stores is also located.
El Corte Inglés has a portfolio of properties with an accounting value of 10.600 million Euros. The company is currently carrying out several disinvestments and has sold, among others, its share of 1,8% in IAG. The group had a turnover of 15.778 million Euros last year, 3,9% less.
IVA Capital Partners is a real estate investment company linked to the French fund Abedo, to the Swiss managing company Batex and to a Spanish investment group lead by Jesús Valderramo.