El Corte Inglés decided to back off and take out the sale of Torre Titania and Puerta del Sol

El Corte Inglés has reversed the sale of two of its most emblematic assets. It will not share the department store group with Torre Titania and Puerta del Solboth in Madrid, assets whose sale process has already begun, according to a report five days.

during exercise, The company has implemented various sales amounting to about 500 million euroswhich is why it decided to stop the liquidation of these assets, which had already piqued the interest of investors and, in fact, had already had an advanced sell-off.

In the spring it was revealed that the company run by Marta Alvarez had put the Torre Titania office building on the market in Madrid, A building with a height of 103 meters and 27 floors houses the consulting company EY. The skyscraper rises on the disappearing ashes of Windsor, near Paseo de la Castellana and in the business center of Madrid.

I also wanted to get rid of Two commercial properties in Puerta del Sol in Madrid with a value ranging between €150m and €200m. One of the buildings, which includes a mixed commercial and hotel use, is located at No. 10 of the emblematic Plaza de Madrid and has an area of ​​4853 square meters. Currently, it has a restaurant and a gymnasium chain store as its tenants.

El Corte Inglés has real estate assets valued at over €16,000 million

The other commercial asset, of 1,857 sqm, is located at No. 4 Calle Maestro Victoria and houses a pet shop and its use also includes the office sector. Besides these two properties, the Supermarkets Group has also decided to put two other important buildings on the market. On the one hand, Shopping center on Calle Arabelles, in Madrid’s Chamberi district, and on the other side, Edificio Serantes, in Azca, next to Torre Picasso.

El Corte Inglés has real estate assets valued at over €16,000 million and, in recent years, has been immersed in a gentrification process. last summer, Sold its logistics platform in La Bisbal del Penedès (Tarragona) to Panattoni for €70 million.

El Corte Inglés billed €12,508m in 2021, down 18% from 2019. Gross operating income (ebitda) rose to €804m, while net profit returned to the black figures after earning €120m.

After the end of the financial year, El Corte Inglés agreed with Grupo Mutua to sell 8% of its capital for 555 million euros as part of an agreement that also includes an agreement to go public before 2028. The alliance also includes the development of the company’s asset management business with the creation of a company specializing in asset management .