El Corte Inglés buys Inivasa for €113M

Photo of El Corte Inglés’ department store in Gaia, Porto.

The Spanish department store giant continues to invest in the reorganization of its property portfolio and has paid €113 million to buy real estate company Inivasa, via its property subsidiary Asón Inmobiliaria. Inavasa carried out a €25.3 million capital increase in March bringing its value up to the traded price.

The Spanish department store giant continues to invest in the reorganization of its property portfolio and has paid €113 million to buy real estate company Inivasa, via its property subsidiary Asón Inmobiliaria. Inavasa carried out a €25.3 million capital increase in March bringing its value up to the traded price.

This is part of a strategy by which the company aims to reposition its current portfolio which is estimated at €17 billion and follows the creation, last month, of a new division solely focused on real estate investments and property management.

El Corte Inglés has also announced plans for a new shopping centre, housing and hotel project in Porto, Portugal. The group will inject around €29 million to buy a 23,000m² site next to the Rotunda da Boavista part of which will be used for a new shopping centre and a 7-floor hotel with approximately 54.200m² of GLA. On the other part of the plot, El Corte Inglés aims to build two adjacent buildings one for residential use with 15.000m² as well as another 1.925m² retail unit. The project includes the creation of two streets and the contribution of 4,200m² to the town hall next next to the Casa da Música transport hub.

The Spanish retail group owns some of the properties on the same block and has already paid Infra-estruturas de Portugal around €18.7 million in order to secure surface rights over the plot where the former Boavista train station used to be.