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El Corte Inglés and Adif Agree to Postpone the Final Payment for the Old Parking Lot on Paseo de la Castellana

The two companies have reached an agreement to extend the last payment, amounting to 68 million euros, for the fourth time. El Corte Inglés acquired the plot, located next to its Castellana shopping center in Madrid, in 2014.

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Aerial panoramic view of business districts of AZCA and CTBA in Madrid, Spain

El Corte Inglés and Adif have agreed a new, fourth, extension of the last payment that the department store group is obliged to make for the plot of land that it bought from the state-owned company. The land is located next to ECI’s Castellana shopping centre in Madrid, according to reports from Expansion.

The plot went up for auction in 2014 and was awarded to El Corte Inglés for a total of 136 million euros; the sale and purchase contract was signed on 25 January 2015. It was then that El Corte Inglés made the first payment for 68 million euros. The plot has an above ground buildable surface area of ​​10,176 square metres over three storeys (ground floor plus two others) for commercial use and a below ground buildable surface area of 17,128 square metres over three basement levels for parking use.

Read the full article in Spanish.

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