Expand / distribution giant will begin shipping in late March dozens of logistics assets, supermarkets, offices and floors. Seeks to reduce its debt level.
The English Court advances its plan of divesting non-strategic real estate assets to reduce debt and has launched a macroprocess sale of real estate assets. Has been told expansion, the retail giant plans to hang the poster sold to a package of up to 200 properties with an estimated value of 1,000 million euros.
The lot of assets that will be sold includes up to 102 -some supermarkets in use and other closed-, 32 logistics assets, totaling more than 500,000 square meters, and several plots. In addition, the lot has 50 commercial street with a combined area of 180,000 square meters and 20 properties with office use distributed between Madrid and Barcelona.
The process, dubbed internally as Operation Batman, is being coordinated by Morgan Stanley, a firm that has worked in other operations with El Corte Ingles. Clifford Chance, meanwhile, is responsible for legal advice.
According to sources familiar with the transaction, the company intends to relist this portfolio of assets at the end of this month. So far, the company has commissioned the valuation of the property, overlooking the first to receive non-binding offers on 16 May and the final, in mid-July. The aim of Dimas Gimeno, president of El Corte Ingles, is to close the sale of the assets before August.
In the market, the impending operation is attracting growing interest. Most large funds, insurance companies and even some great Socimi would be interested in participating in the auction.
The company would accept offers both all the properties as separate lots, if the potential buyer is interested in buying only the assets related to logistics operations, supermarkets or offices.
Inside the lot, El Corte Ingles does not include the jewel in logistics: the mega south of Madrid. Nor it is willing to part with Torre Titania, or its historic headquarters Hermosilla.
Dripping sales This macroprocess asset sale is the culmination of a series of desiversiones that El Corte Ingles is undertaking a timely manner since 2013, benefited from the growing appetite between large investors for commercial premises in prime locations.
Just two weeks ago, the group sold the building that had acquired 10 years ago in the Fontanella street of Barcelona for 17 million euros, a Russian investor who intends to turn it into a hotel.
Shortly before this sale, last December, the presiding Dimas Gimeno chain sold another property in the emblematic Puerta del Sol in Madrid for 65 million euros to US fund Thor Equities. The English Court, which allocated this space to selling books, will remain as a tenant a year and then leave the property. The new owner is in talks with major international operators to occupy the premises after the exit of the department store chain.
In the summer of 2013, it closed the sale of a building next to Plaza Catalunya in Barcelona Iba fund manager Capital. The department store chain negotiated remain a tenant.
And in December of that year, El Corte Ingles other property sold to the same investor, in this case, a building with 2,500 square meters located at number 9 of the street price of Madrid.
Although the divestments have been more numerous in recent years, in 2014 bought a plot Corte Ingles in Madrid, with his center Nuevos Ministerios, for 136 million euros. In 2015 he closed the consulting firm EY renting the office area of the skyscraper Torre Titania.
Plan low Parallel to plan disinvestment, El Corte Ingles and their unions have recently reached an agreement to rejuvenate the company. On Thursday signed a pact with all integrated in the works council to open a plan of voluntary redundancies which may benefit up to 1,400 workers unions. Employees born between 1956 and 1958, which have at least 15 years of seniority and 35 years of contributions, the company may opt out of receiving 70% of the net salary supplements and incentives including accrued to fulfill the last year- 63 years. The amount will be updated 0.5% annually since 2017.
The brokerage El Corte Ingles is analyzing how insurer will sign responsible policies to deal with the payment of salaries of employees who choose to avail the plan. Adhering to Buyouts will start in mid-March and will last three weeks. There are about 3,000 workers who could be ascribed.
The English Court puts 200 properties for sale up to 1,000 million
Information Expansión
http://entornointeligente.com/articulo/7994030/El-Corte-Ingles-pone-en-venta-hasta-200-inmuebles-por-1000-millones-01032016
Visite also www.mundinews.com | www.eldiscoduro.com | www.tipsfemeninos.com | www.economia-venezuela.com | www.politica-venezuela.com | www.enlasgradas.com | www.cualquiervaina.com | www.espiasdecocina.com | www.videojuegosmania.com
Follow us on Twitter @entornoi
Tags: Athlete Gonzalo Morales, Gonzalo Morales, Gonzalo Morales Argentina, Gonzalo Morales Basketball
. <- AUGURE_NOTICIA_FIN ->
No comments:
Post a Comment