El Corte Inglés placed on sale its logistic centres to reduce its debt

El Corte Inglés placed on sale its logistic centres to reduce its debt

The operation is the first step within a strategy to obtain around 2 billion euro in extraordinary revenues to reduce its debt. The group has a 1.2 million sqm logistic division, spread across fifty warehouses, both central and regional, according to El Confidencial.

BNP Paribas has assessed the company’s logistic assets at 400 million euro, but the group is not expecting to sell them all. El Corte Inglés continues with its project of creating a last mile logistic branch to service its own points of sale and third parties.

With this new line of business, the company directed by Marta Álvarez estimates it can treble its current logistic turnover, until it reaches around 1.2 billion euro per year.

Both initiatives are being led by Javier Catena, in charge of real estate at El Corte Inglés. The group’s final goal is to sell real estate assets for around 2 billion euro.

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