March 9, 2021

El Corte Inglés sells a shopping center in Valencia for 90 million | Economy

El Corte Inglés sells a shopping center in Valencia for 90 million | Economy



El Corte Inglés is "finalizing" an agreement with the real estate company Corpfin Real Estate to sell the building of number 1 on Colón street in Valencia for 90 million euros. The company, which has a store dedicated to youth and children's fashion, will continue to occupy the five floors of the property on a rental basis, as confirmed by sources close to the operation.

The one of the number 1 of the street of Colón is one of the three buildings that the chain of department stores owns in that zone of the city, in addition to the two buildings that compose the commercial center of Pintor Sorolla, in number 27 of the street Colón and at 26 Calle Pintor Sorolla. It is a smaller center than the other two, with a basement with parking, the ground floor and five floors, of which El Corte Inglés occupies three. It was acquired from the British chain Marks & Spencer in 2001.

The sale does not imply changes neither for the commercial offer nor for the employees. The English Court will keep there the store specializing in young and children's fashion and will be Corpfin's long-term tenant, although the sources consulted have not specified the duration of the rental.

In the brochure that the company gave to the Irish stock exchange authorities for the recent issuance of 600 million euro corporate bonds, El Corte Inglés mentioned as one of its strengths a real estate portfolio valued at 17,000 million euros located in the best areas of the main cities of Spain. The buildings of Valencia represent 6% of those 17,000 million.

However, he also mentioned that he had recently sold non-strategic real estate assets worth 500 million euros to cancel debt – amounting to 3,652 million euros – and pointed out that it was a strategy that could be followed in the future: "Currently, we value the divestment of other non-strategic real estate assets, "said the brochure. However, the sources consulted decouple the sale of this strategy and see it as an opportunity that has emerged and been used. They did not consider the building of Colon 1 as a strategic asset of the real estate portfolio and proceeded to the sale and rent.

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