El Corte Inglés accelerates creation of Real Estate division

El Corte Inglés accelerates creation of Real Estate division

The group’s president Marta Álvarez reinforced this Sunday, during the shareholders’ meeting, that one of the company’s diversification plan’s pillars is the creation of a real estate division which will not only include its assets, which according to Tinsa are estimated at 17 billion euro, but also the management foreign assets. Its goal is to improve its portfolio’s yield by adding value to its corresponding assets,

Along with this bet is the creation of a logistic operator. El Corte Inglés is aware of the spectacular increase in online sales generated by the confinement and has already ordered a study on the creation of a new vehicle which will allow to increase its sales even more, optimise resources and provide outsourcing services from AT Kearney and Goldman Sachs.

Among the Spanish group’ plans to diversify its services is the creation of a vehicle to manage its assets (through investment and pension funds) and the relaunch of travel agency Viajes El Corte Inglés, which was deeply impacted by the pandemic.

During the same meeting, the «very satisfactory» results El Corte Inglés reached last year, the best in 10 years with revenues of 310 million, as well as the company’s «solid» way of handling with the effects of the pandemic, were highlighted. On this point, Marta Álvarez assumed that «we showed we are capable of responding to adversity with a team more united than ever. Our priority has one single goal: to move forward until we reach a real recovery», said the group’s president quoted by El Economista.

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