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The global fashion business journal

21 Sep 201909:27

El Corte Inglés brick-and-mortar footprint valued at 17.14 billion euros

As of February 2018, the Madrid-based department store group operated with 94 centers in Spain and Portugal. Two of El Corte Inglés real estate assets are worth over 500 million euros each, while the majority are near the 200-million price tag.

25 Sep 2018 — 17:00
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El Corte Inglés brick-and-mortar footprint valued at 17.14 billion euros

 

 

El Corte Inglés real estate portfolio gets valued. As of February 2018, end of its last fiscal year, the company operated with 94 department stores in Spain and Portugal, which had a market value of 17.14 billion euros. Data belongs to a report elaborated by Tinsa that the Spanish group shares with potential investors in the frame of its 600-million bonds placement.

 

From the company’s full store network, only two locations are based in Portugal, while the rest are in Spain. Two of El Corte Inglés real estate assets are worth over 500 million euros each, while the market price of another two centers ranges from 400 million to 500 million euros. The majority of the company’s retail properties are worth around 200 million euros, according to Expansion.

 

Currently, El Corte Inglés has the largest real estate portfolio among all major department store chains in Europe. In total, the assets aggregated selling space reaches 3,994 million square meters.

 

 

 

 

The company, presided by Jesús Nuño de la Rosa, has received acquisition offers for some of its most valuable properties in cities like Madrid, Barcelona and Marbella. One of them is the so-called Torre Titania, formerly known as Edificio Windsor, in Spain’s capital city.

 

One of the last deals was closed in October 2017, when El Corte Inglés sold to Stonweg a building in Sevilla for ten million euros. The new owner is already renovating the property to turn it into a luxury hotel.

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