El Corte Inglés has announced plans to sell off 200 properties worth up to €1 billion in order to reduce its debt level, reports Expansion.com.
Among the assets to be sold are 102 supermarkets, some of which are closed and others that are still in use. Also on the table are 32 logistics centres with a combined area of 500,000 square metres, 50 commercial street properties totalling 180,000 square metres, and 20 office properties split between Madrid and Barcelona.
Expansion.com quotes a source familiar with the transaction, who says that the company intends to put the portfolio of assets up for sale at the end of March, and that El Corte Inglés president Dimas Gimeno aims to have it sold by August.
The company is said to be open to offers for the entire portfolio, or, alternatively, buyers can bid for separate groups of assets, such as those related to logistics, supermarkets or offices.
Not included in the portfolio are the retailer’s logistics mega-centre in the south of Madrid, its historic headquarters in Hermosilla, or its skyscraper, Torre Titania.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Brian Dermody. To subscribe to ESM: The European Supermarket Magazine, click here.
