Grupo Emperador offers €400M for El Corte Inglés properties

Grupo Emperador offers €400M for El Corte Inglés properties

The Asian holding has offered more than 400 million euros for Titania, the old Windsor Building, now the headquarters of EY, and for the land located in front of the largest shopping center of the distribution group, in the heart of Paseo de la Castellana in Madrid.

El Corte Inglés has placed the market into "test mode" to find out how much an investor could pay for their assets. The move took effect and several companies have made their proposals. At the moment, all those that refer to the Titania Tower have been discarded. This complex for commercial and office use is located in the financial center of the capital, where the Windsor Tower was previously located.

The office area is rented to the EY consultancy, while the first floors are dedicated to the extensive commercial offer that El Corte Inglés has in the Nuevos Ministerios area, where it has also lost space in recent years. The offers reached 230 million euros, but the retail firm considers it insufficient.

Emperor has also made an offer for the land purchased by El Corte Inglés from Adif. The group of large stores bought these land, which for years housed a parking lot next to its shopping complex, five years ago for 136 million. Just a few months ago, the group chaired by Marta Álvarez commissioned the Thomas Heathenwick architecture studio to promote an office building.

Finally, it is receiving offers for the land, valued at 150 million. Grupo Emperador is one of the largest real estate investors in the Spanish market. Its assets include the Torre Emperador Castellana and 49% of the Torre Caleido, both in Madrid. It also owns the Torre Diagonal, the current headquarters of Telefónica in Barcelona.

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