504
504
  • Transaction / Assets
    Inditex Sells 2 Zara Stores to Deka (+14 in Spain)
  • Seller
    Inditex
  • Buyer
    Deka
  • € MM

Two Zara Stores in Lisbon Sold by Inditex

31 January 2018

Two of Zara’s stores in Lisbon, on Rua Augusta and Rua António Augusto Aguiar, were sold to the German fund Deka. The deal is part of process whereby Inditex, the owner of Spain’s Zara clothing chain, netting the company approximately 400 million euros.

The company announced its intention to divest itself of the properties in early December, with the aim of switching to a strategy of leasing all of Zara’s more than 7,000 sales outlets across 94 countries. The other 14 properties sold are in Spain, and all are part of the initial period of expansion of Zara’s business.

News agencies in Spain reported that the sale and leaseback operation was closed on Wednesday, as Zara assumed a twenty-year lease for both spaces. The buyer, however, will have an opportunity to end the contract after a five-year period.

Original Story: Jornal T

Translation: Richard Turner