El Corte Inglés purchases a building in Puerta del Sol

news December 2023 Modaes

What: El Corte Inglés has acquired a 3,100 square meter building in Puerta del Sol, Madrid, previously owned by the American fund Kennedy Wilson.

Why it is important: The company aims to expand its commercial offering in the area and is considering connecting the newly purchased building to one of its existing properties.

Following the purchase, El Corte Inglés plans to renovate the building and open it to the public, though the specific commercial use has not yet been determined. This acquisition reflects a shift in the group's real estate strategy, which has included repositioning and divestment activities to adapt to changing economic conditions./nbsp]

In line with this strategy, the company has announced plans to sell real estate assets totaling 3,000 million euros. El Corte Inglés values its real estate portfolio at around 16 billion euros, with the majority attributed to department stores, and additional assets including offices, logistics, supermarkets, and land.

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