El Corte Inglés Sells Barcelona’s Francesc Macià for More Than €150 Million

4 July 2019 – Richard D. K. Turner

El Corte Inglés sold the Francesc Macià in Barcelona to a private investor for more than 150 million euros, according to an article in Expansion. The group will remain on the premises until December 2020, after having signed a lease with the new owner. El Corte Inglés gained control of the six-floor building, located at Avinguda Diagonal 471, upon its acquisition of Galerias Preciados.

The sale is in line with the retail group strategic divestment plan continues with its process of divestment of non-strategic assets. El Corte Inglés has sold a total of 900 million euros in real estate assets since 2013.

The retail group is also currently in the process of selling a real estate portfolio worth approximately €1.5 billion, including eleven stores and three office buildings, including its headquarters in Hermosilla.

Original Story: Expansion – Rocío Ruiz

Photo: Elena Ramon – Expansion

 

Corpfin Sells a Commercial Premise in San Sebastián for €7M

30 November 2018 – Eje Prime

Corpfin is divesting in the north. The Spanish Socimi has sold a commercial premise in the centre of San Sebastián for €7 million. The purchaser of the asset, which is located at number 7 Calle Getaria, is unknown, according to a statement filed with the Alternative Investment Market (MAB).

Calle Getaria is, together with Calle Hernani y Arrasate, one of the most sought-after streets for the retail market in the Guipuzkoan capital. The asset used to be the headquarters of Kutxa, the savings bank of Guipuzkoa, until 2014 and is now home to a Pull& Bear store, a brand from the Inditex group. This divestment in Euskadi is the second undertaken by the vehicle in recent months, following the sale of Gran Vía 55 in Madrid in September.

In addition, and through Inbest, Corpfin Real Estate has disbursed €250 million in two large operations in Madrid and Valencia during the last quarter. The first was the agreement reached with Riu to acquire the commercial area in Edificio España for €160 million. And that was followed by the purchase from El Corte Inglés of a building in the centre of Valencia for €90 million.

Original story: Eje Prime 

Translation: Carmel Drake

Ibercaja Sells 2 Logistics Warehouses In Plaza For €19M

26 October 2017 – Heraldo.es

Ibercaja has sold a logistics complex measuring 27,096 m2 in Plaza (Plataforma Logística de Zaragoza) to the fund manager Savills Investment Management for €19 million. The sale, closed last week, represents the highest price paid per square metre in an individual operation in the history of the logistics platform.

The complex that Ibercaja has divested comprises two large warehouses with long-term leases to Mercadona and the German operator Kuehne Nagel, respectively. Sources familiar with the transaction explain that the objective of the new buyer is to maintain these uses, given that it was precisely the long-term rental agreements over both warehouses that raised their interest in the first place.

The competitive process for the sale, in which more than 25 possible buyers expressed an interest, was coordinated by the portal specialising in real estate auctions addmeet.com, which has now managed several important sales in Zaragoza and Aragón.

The move by Ibercaja sees it deepen its commitment to the divestment of its non-strategic assets, as it seeks to focus all of its efforts and resources on boosting the banking business and the digital transformation, whereby fulfilling the roadmap that the entity set itself for the strategic cycle 2015-2017.

The buyer, the Savills Investment Management group, plans to integrate its new assets into the European Logistic Fund II fund, aimed at acquiring top-quality logistics products around Europe. Savills Investment has 18 offices in Europe and Asia and manages properties around the world worth €16,000 million. “We are very happy with the completion of this operation in a very competitive market. It is a high-quality asset in Plaza, which provides the fund with a solid and defensive distribution platform”, said Michael Reinmuth, Director of Savills in Spain.

Plaza has seen investments worth €140 million so far this year

This new sale, at a price of €701/m2, is the most significant in Plaza’s history in terms of an operation involving real estate assets only. Previously, higher prices per square metre have been paid in other transactions but only when they also included the purchase of companies, according to local sources in the sector.

With this latest deal for €19 million, Plaza has recorded investments from various operations amounting to €140 million so far this year, an amount that helps consolidate the position of the logistics platform in Zaragoza (…).

Original story: Heraldo.es (by V. M.)

Translation: Carmel Drake

ECI Sells Building On Plaza Magdalena In Sevilla To Stoneweg

26 October 2017 – Modaes.es

El Corte Inglés is pushing ahead with the divestment of its real estate. The department store group has sold a building on Plaza Magdalena in Sevilla to the fund Stoneweg for €10 million, according to reports by Eje Prime.

The asset, which used to house one of the group’s department stores, until 2012, was constructed in the 1950s. Stoneweg plans to completely renovate the building and turn it into a hotel, as part of its diversification strategy, whereby adding that activity along with logistics to its residential business.

Comprising five floors, the building was inaugurated in October 1959, as the first headquarters of Galerías Preciados and at the time, it was a pioneer in the new techniques of department store selling in Sevilla. A decade later, it closed its doors for a refit to become a furniture store under the same company, which opened a second building in San Pablo around the same time.

El Corte Inglés purchased both buildings in 1995 as part of the operation to acquire the assets of Galerías Preciados in Spain and it maintained it as a centre for the sale of household products and furniture, until five years ago. The Madrilenian group currently operates from another centre in the same square.

In 2016, El Corte Inglés launched a project to sell some of its properties located in various Spanish cities, with a combined valuation of more than €400 million.

One of the most recent operations carried out by the company in this regard was the sale in September of 40% of the company Iberiafon, owner of Torre Serrano in Madrid, for €50 million.

The group closed 2016 with revenues up by 1.9%, to €15,505 million and a net result of €161.86 million, up by 2.4% compared to the previous year.

Original story: Modaes.es (by C. Pareja)

Translation: Carmel Drake

Liberbank Puts Building On c/San Jerónimo Up For Sale

13 September 2016 – El Confidencial

Liberbank has decided to cash in one of the gems that it inherited from the former Caja Castilla-La Mancha (CCM), specifically: the building located at number 19 on the sought-after Carrera de San Jerónimo. It is a modern, 5-storey building, with a ground floor, terrace and parking area, which was fully renovated less than a decade ago; and it is located just a stone’s throw away from Palacio de las Cortes, right in the heart of Madrid.

In financial circles, it has always been said that this building was a personal whim of Juan Pedro Hernández-Moltó, who, after leaving the Congress of Representatives and taking over the reins at CCM, saw an opportunity to unit his two passions in this property, which was completely remodelled in 2007, just two years before the Manchego entity was intervened by the Bank of Spain and sold to Cajastur, from which the current Liberbank emerged.

Faced with these trappings from the past, the entity led by Manuel Menéndez is now immersed in an asset sale process, which includes an open process to sell this headquarters building, which has a total surface area of 2,500 sqm and which may fetch up to €13 million upon sale, according to sources familiar with the process.

In addition, the decision to put this property up for sale comes a year and a half after Liberbank acquired a complex of office buildings measuring 13,500 sqm from Sareb in Fuente Mora, number 2, in the area known as Manoteras, which is close to the headquarters of companies such as Axa, Caser and BBVA’s Ciudad Financiera. (…).

Although initially, the group was considering the possibility of holding onto the headquarters on Carrera de San Jerónimo for its President and institutional work, the roadmap that the entity is now working with involves transferring all of its offices in Madrid to the new offices in Manoteras, and leaving the building free for the new purchaser to fill with its own tenant.

Sales plans

At the presentation of its latest quarterly results, Liberbank acknowledged that its priority now is to sell off as many of its non-performing assets as possible this year, given that the EPA (asset protection scheme) that it was granted by the State to cover it against potential losses in CCM will come to an end on 31 December 2016.

The hole inherited from the Manchego entity currently amounts to €2,000 million, whereas the cushion from the EPA barely amounts to €456 million. Its divestment strategy also includes trying to sell a portfolio of overdue mortgages amounting to between €700 million and €800 million.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake