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Panattoni and El Corte Inglés Agree to Sale of Logistics Facility in Tarragona

The value of the deal between Panattoni and El Corte Inglés could exceed 70 million euros and allow the latter to continue reducing its liabilities.

Panattoni and El Corte Inglé

The retailer continues the process of selling its non-strategic real estate assets. Panattoni and El Corte Inglés have reached an agreement to sell the latter’s logistics platform in La Bisbal del Penedès, Tarragona. According to El Confidencial, the transaction could exceed 70 million euros.

Finally, the logistics developer won out over Merlin Properties, another group interested in the asset. El Corte Inglés will use the capital to continue reducing debt. Intending to reduce its leverage, the company commissioned BNP Paribas to put several industrial assets on the market.

The warehouse has 45,000 square meters built and another 150,000 square meters of land to be developed. Up to two complexes similar to the current one could be built there. It was inaugurated only five years ago. The buyer, also a developer, is expected to develop the site further.

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