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El Corte Inglés closes its biggest sale of buildings for 160 million
To continue its policy of reducing debt through the sale of real estate assets El Corte Inglés has closed its biggest sale of buildings so far: 160 million euros for the centers of Parquesur and La Vaguada, both in Madrid.


Although the group will continue to operate in these commercial centers on a tenant basis, the property will now be owned by Unibail-Rodamco-Westfield (URW). Thus, it also sells the stores with which it counted in the interior, where URW already was co-owner. The Parquesur has a size of 20,000 square meters and in La Vaguada of 20,200 as informed by the Cinco Días according of La Asociación Española de Centros y Parques Comerciales.

Through this transaction, El Corte Inglés continues its strategy of divesting non-strategic real estate assets. Thus, in 2018 has carried out several sales: two real estate in Madrid to the Inbest socimi in summer for 100 million euros and another two in October in Valencia for about 90 million.

The value of the properties of URW in Spain, not counting this last transaction, reaches 3,823 million.

Photo: Cinco Días