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El Corte Inglés closes the sale of two stores in Spain
23 April 2019 | Vanessa Sousa

Carrying out its largest divestment operation, El Corte Inglés announced the sale of two commercial areas this Monday.

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One of the stores is located in Madrid, at the Xanadú shopping centre, and the other in Barcelona, next to plaza Francec Macià, reveals Eje Prime. Until now no information concerning the selling amounts, nor the identity of the new owners was disclosed. But, according to information released by newspaper Expansión in March, the operations were advised by consultant PwC.

These assets are part of the 95-asset portfolio the company placed on the market last March. Stores located in the municipalities of San Juan de Aznalfarache (Seville), Alcalá de Henare (Madrid) and Ademuz (Valencia) are included in the portfolio. 

The group’s goal is to obtain liquidity to redeem part of its debt, which, in June 2018, ascended to 3.652 million euro. With the sale of this portfolio, El Corte Inglés expects to earn between 1.500 and 2.000 million euro.