The portfolio selected by the company is diversified. Spanish newspaper Expansión mentions that most of the assets (65) are small shops, warehouses and parks, 16 assets are terrains and 14 are commercial spaces and offices. Together they have a total combined area of 1.2 million sqm.
El Corte Inglés’s management expects to perform sale&leaseback operations on most of the assets, so that it can keep using the spaces as tenant. A large part of these buildings is located in the main Spanish cities like Madrid, Barcelona, Malaga and Seville, according to the same newspaper.
Some relevant assets should be sold before the end of the year. Thus, by then El Corte Inglés might redeem part of its debt which reached, in the first semester of 2018, 3.652 million euro.
