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El Corte Inglés bets on new Real Estate division
04 October 2019 | Vanessa Sousa

Taking advantage of its real estate portfolio which reaches 17 million euro, group El Corte Inglés plans to expand within the real estate market by creating a business division focused on real estate assets.

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El Corte Inglés Real Estate’s initial goal is clear: to improve its portfolio’s yield by adding value to its corresponding assets. That is the group’s CEO Víctor del Pozo strategy, advances Spanish newspaper Expansión. The person who will lead this project already has a name, Javier Catena, director of Real Estate at the company since last March.

This new business unit should act in three different fronts within this market, such as construction (in particular in shopping centres), managing and exploring real estate assets and also managing assets for international clients.

The real estate divestment strategy will also be coordinated by the group’s new Real Estate unit, reports the newspaper in its print edition. This means that the group intends to control the negotiations of its 95 non-strategic asset portfolio estimated at more than 1.500 million euro, whose sale is at the moment being handled by PwC.

«Despite the numerous bids received during the last months [for the megaportfolio], El Corte Inglés chose to develop the real estate business directly and thus take advantage of all the market has to offer», mentioned the company in a release quoted by the same newspaper.