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El Corte Inglés to Demolish its Store in Méndez Álvaro & Construct 2 Office Blocks

The company, which is embarking on a real estate divestment strategy, wants to take advantage of the business drive in this area of ​​the Spanish capital.

Centro Comercial Méndez Álvaro 100

El Corte Inglés is ending the summer with another step forward in its real estate divestment strategy, through which it hopes to generate between 600 and 700 million euros in exchange for the sale of around thirty assets. Whilst during July and August, it announced the sale of properties in cities such as Valencia, Sevilla and Córdoba, now the company is embarking on the conversion of its shopping centre in Méndez Álvaro, in Madrid, into an office complex.

According to El Confidencial, Madrid City Council may have taken the first step to authorise the demolition of the existing building, which spans almost 12,000 square metres and which is located on Calle Retama, 8 in the Spanish capital. In exchange, El Corte Inglés would build two 27-storey office blocks.

Read the full article in Spanish.

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