El Corte Inglés continues its brick divestment strategy. The company has put Torre Azca up for sale, the jewel in the crown of its real estate portfolio located in the financial heart of Madrid. The distribution giant has set a starting price of 230 million euros.

Given the initial interest that the property has aroused among potential buyers, the process is expected to be quick. El Corte Inglés has opened a four-week period to receive non-binding offers and be able to negotiate the sale with a small group of interested parties during the month of May with the aim of closing the operation before the summer.

The Torre Azca offices are located next to the large Nuevos Ministerios warehouse (Madrid) and are the EY headquarters in Spain, which occupies the eleven floors of the skyscraper for offices, with an area of ??around 15,000 m2. EY’s current contract expires in three and a half years and the rent it pays would be around 32 euros per square meter.

The department store giant has also put some thirty properties on the market, especially offices and shops, for a figure of between 650 and 700 million euros. This sale process will be carried out asset by asset and will include the participation of the main consultants in the sector.