31 January 2018 – Eje Prime
An agreement has now been reached between Deka and Inditex. The investment fund has purchased 16 retail stores in Spain and Portugal from the Inditex Group for €400 million. Fourteen of the premises are located in Spain. The company founded by Amancio Ortega will continue as the tenant in all of the establishments, which include several Zara shops.
The German company is whereby acquiring a package of stores located all over Spain: from Madrid (on c/Preciados and in Puerta del Sol) and Barcelona (c/Pelayo) to Palencia, Córdoba, Albacete and Málaga.
Through this operation, Inditex is reaffirming its strategy to operate almost all of its stores under rental contracts. Currently, 98% of its establishments are managed in that way.
It is worth highlighting that the retail assets sold do not belong to Pontegadea, the real estate arm of Amancio Ortega, which has been involved in several operations in recent weeks. Highlights include the segregation of its rental activity and a €100 million capital increase, as well as the appointment of Iñigo Bengoechea as the legal representative of several of the companies that make up the family office.
Original story: Eje Prime
Translation: Carmel Drake