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Report: Spain's Merlin in talks to buy part of El Corte Inglés' €17.2B portfolio

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Report: Spain's Merlin in talks to buy part of El Corte Inglés' €17.2B portfolio

Merlin Properties is in talks to acquire part of the approximately €17.2 billion property portfolio of Spanish department store group El Corte Inglés SA, The Corner reported, citing local media reports.

Of the 94-property portfolio, assets totaling €15 billion in value are points of sale, the news outlet said, adding that some of the properties may be difficult to repurpose because they were built without windows. According to the Oct. 18 report, El Corte has been working to halve its debt from €4 billion.

Earlier in October, Merlin Properties said it had held preliminary talks with El Corte with regard to certain logistics assets or joint transactions in the logistics sector, but that an agreement had not yet been reached. The Spanish real estate investment trust previously announced plans to take its logistics holdings to a fifth of its portfolio.