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Bankinter Acquires Former El Corte Inglés Bookshop on Puerta del Sol

The 1,344-m2 property is located at 11 Puerta del Sol and had been owned by the Thor Equities and Invesco funds.

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Bankinter Investment has acquired the property located at 11 Puerta del Sol. The bank has structured a vehicle for its private banking clients that has just bought the asset from Thor Equities and Invesco. The property has 1,344 square metres, spread over three floors, and once housed the El Corte Inglés book building. But in 2016, the group sold the asset to both funds for 65 million euros, committing to leaving the premises within a year, according to El Confidencial. Later, Thor Equities and Invesco transformed the asset into a flagship shop. Nike and JD Sports bid for it, but in the end, leased it to Primor two years ago. At the end of 2017, the asset was valued at around €90 million, according to market sources. However, after the impact of the pandemic, they believe that the property is worth less and that Bankinter Investment will have paid less. In the transaction, Bankinter has acted exclusively as the entity responsible for structuring the transaction and creating the vehicle without taking any shareholding. The investors are customers of the bank and investors led by the entity.

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