El Corte Inglés has sold a building at the corner of the Plaza de Catalunya Square and the La Rambla Street in Barcelona for 100 million Euros to an international fund IVA Capital Partners, although the department stores will continue to occupy the property as tenants. The building covers 8.000 square meters of space and embraces a multibrand center where El Corte Inglés gathers international luxury fashion brands of clothes for women.
As La Vanguardia has informed, the sale of the building is a part of the 5.000 million Euro debt restructuring that the group put Morgan Stanley in charge with and which is said to bring considerable capital gain to El Corte Inglés. IVA Capital Partners consists of the French investment fund Abedo, Swiss manager Batex and another Spanish investment group chaired by Jesús Valderramo.
According to the latest report from the end of the year 2011, (…) El Corte Inglés´s long-term debt is equal to 3.633 millon Euros (1.930 million Euros with creditors). The short-term debt equals to 2.456 million Euros.
The big department stores take into account other measures reffering to its debt like the securitisation right on the collection of its clients´ portfolio (…).
Source: El País