ECI Sells 2 Assets in Madrid & Bilbao to Corpfin for €100M

3 August 2018 – Eje Prime

El Corte Inglés is continuing to divest property. The department store group, the largest in its sector in Europe, has closed the sale of two more properties, on prime streets in Madrid and Bilbao, to Corpfin Capital. The sale & leaseback operation has been closed with a gain of 40% with respect to the market value of the properties, at around €100 million.

Specifically, the group has divested its property at number 41 Calle Princesa in Madrid, which spans 11,400 m2 and whose market value is estimated to be around €18 million.

The company has also sold the building located at number 20 Gran Vía in Bilbao to the Spanish fund. That store has a surface area of 5,500 m2 and a market value of around €38 million.

Both properties have been on the market for two years, although the operation was closed off market. El Corte Inglés has signed a long-term lease contract with the new owner that, according to sources familiar with the operation, will charge rents that are 20% higher than the market average on both streets.

The Madrid-based group, chaired since June by Jesús Nuño de la Rosa, has framed this operation within its asset divestment plan to reduce the debt that has been weighing it down for several years. The company owns 92 centres in Spain.

El Corte Inglés has received offers for the purchase of some of its most profitable establishments, including those in Madrid, Barcelona and Marbella. One of those is Torre Titania, formerly the Windsor Building, in Madrid. At the other end of the spectrum, the department store giant owns several stores opened during the first few years of the crisis: almost 24 points of sale, most of which generate significant losses.

One of its most recent operations was closed in October, when the company sold a building in Sevilla to Stoneweg for €10 million, as reported by Eje Prime. The objective of the new owner is to convert that property into a hotel.

Original story: Eje Prime (by P. Riaño & I. P. Gestal)

Translation: Carmel Drake

El Corte Inglés Puts 2 Shopping Centres Up for Sale for €100M

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

Decathlon Opens 3 New Stores In Central Madrid

5 September 2017 – Expansión

The French multinational sports equipment retailer Decathlon is raising its profile in the centre of Madrid by opening new large format stores in three of the Spanish capital’s main commercial thoroughfares.

Specifically, Decathlon is going to open one store at number 63 on Calle Princesa. The premises, which are owned by a family office, comprise two retail floors and a basement, with a total surface area of 1,700 m2. The operation has been advised by JLL. Similarly, the company is going to open a store with a surface area of 2,400 m2 in the Mercado de Fuencarral building, located at number 45 on the central Madrilenian street.

The Mercado de Fuencarral, which has been closed since 2015, comprises three floors and has undergone a complete renovation to be leased to a single tenant. The property is now owed by the real estate manager AEW, after it purchased the building this summer from Activum SG Capital Management (ASG) for €50 million.

Similarly, the sportswear firm will soon open a store at numbers 22 and 24 on Calle Ortega y Gasset spanning 2,600 m2.

Decathlon, which made its debut in Spain in 1992 with the opening of a shop in Badalona, currently has 158 stores across the country and six logistics centres, two of which are continental supply points.

In this way, Spain is the multinational’s third largest market by number of stores behind France (305) and China (222). As part of its strategy to bring stores closer to city centres, the French group has opened 37 Decathlon City stores in Spain over the last few years.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Corpfin Capital To Debut On MAB At €1.60/Share

24 September 2015 – Europa Press

Corpfin Capital Prime Retail, the Socimi that manages retail premises on several Spanish high streets, will make its debut on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) this Friday 25 September, at a price of €1.60 per share, representing a company market value of €23.28 million.

Corpfin will be the tenth Socimi to go public on MAB after Autonomy Spain Real Estate, which is due to debut today (Thursday).

Corpfin manages 12 retail premises in total, located on the main shopping streets in Madrid, San Sebastián, Vitoria and Burgos.

In the capital, its assets are located on the so-called “Golden Mile”, in other words, on Calles Serrano and Goya, as well as on Calles Princesa and Fuencarral.

Corpfin explains that it “fully owns” the properties in which its retail premises are located, with the exception of the two buildings on Princesa and Goya.

Tenants

Corpfin’s tenants include brands from the textile group Inditex, Mango, Décimas, Vodafone and La Sureña.

The company is seeking to raise funds through its debut on the MAB, which it will use to finance its future growth and purchase new assets, as well as to open itself up to new investors.

Corpfin Capital Real Estate is led by Javier Basagoiti Miranda, a former director of Ferrovial Inmobiliaria and Martinsa Fadesa, who has 28 years of experience in the real estate sector. Mr Basagoiti Miranda is currently also a Senior Advisor at KPMG in the Corporate Finance & Real Estate team.

Original story: Europa Press

Translation: Carmel Drake