Credit: El Corte Inglés
Credit: El Corte Inglés

El Corte Inglés sold its Los Arcos and Bahía Sur stores for a total of 36.8 million euros

The retail group has reached an agreement with Castellana Properties, to sell it the Los Arcos (Seville) and Bahía Sur (Cádiz) stores.

The operation, which generated capital gains of around 10 million euros, forms part of the company’s strategy of divestment from non-strategic assets. However, both stores were outside the project entrusted to the Real Estate division of PricewaterhouseCoopers (PwC), which includes 95 non-strategic real estate assets, whose sale process is currently in progress.

The employees of both stores are guaranteed new jobs in other establishments of the chain located in their respective provinces. The operation forms part of the company’s strategy of divestment from non-strategic assets, though both properties were outside the Green Project which is overseen by the Real Estate division of PricewaterhouseCoopers and which was communicated to the market last December. 

Both the Bahía Sur El Corte Inglés store and the Los Arcos Hipercor store will remain active until September 30, 2019 when Castellana Properties will take charge of both properties.

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