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Apollo launches proposal to buy portfolio from El Corte Inglés
24 May 2019 | Vanessa Sousa

American fund Apollo Global Management presented El Corte Inglés a proposal to buy its 95 asset portfolio, which has been on the market for over a month.

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This is, according to newspaper Cinco Días, the first proposal the Spanish group received for the whole of the portfolio that includes retail, office and other assets all located in Spanish territory. Nevertheless, this offer is not binding and, according to the same newspaper, it didn’t convince the group’s administrators.

The amount offered is not yet known. And, according to sources quoted by the newspaper, El Corte Inglés should sell this set of assets for less than 900 million euro.

Up until now, the group received proposals from Spanish and international investors, but only for parts of the portfolio.

The deadline to present new proposals ended this Thursday and is now followed by the analysis stage, during which PwC will assess the best offer or combination of offers in order to maximize the buildings’ value.