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Tinsa Reduces the Value of El Corte Inglés’s Properties to €16.5 Billion Due to Covid

The appraisal company has lowered its valuation of the group's portfolio by 5.3% to 16.5 billion euros. The bulk of the asset value lies in its shopping centres, which are worth more than 14.3 billion euros.

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El Corte Inglés is suffering from the consequences of the coronavirus pandemic, just like the rest of the retail sector. In this sense, the latest report from its benchmark appraisal company, Tinsa, reveals that its real estate portfolio was valued at around 16.5 billion euros at the end of July, down by 5.3% compared to February, according to a presentation about the bonds that it sold on Tuesday for 600 million euros.

The department store group assured investors that the value of its real estate portfolio is holding up well despite the sharp economic downturn. “The portfolio is highly resistant, as it is underpinned by unique assets in first-rate locations,” explained the underwriters of the debt in a document accessed by Cinco Días.

Read the full article in Spanish.

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