Inditex Puts 16 Stores in Spain & Portugal up for Sale for €400M

12 December 2017 – Eje Prime

Inditex is getting rid of some of its property portfolio. The Galician giant has put 16 retail premises up for sale, of which fourteen are located in Spain and the other two in Portugal. The buyer will have to commit to leasing the stores to the retail group for twenty years.

The retail group is looking to raise USD 472 million (€400.5 million) from this operation, through which it is seeking to harmonise its leasing strategy, according to Bloomberg. Inditex has only confirmed the sale of the premises.

The Spanish company ended the first half of this year with an 11.5% increase in sales and a 9% rise in its net result, percentages that were similar to those recorded during the first six months of 2016. The company chaired by Pablo Isla recorded turnover of €11.671 billion, whereby exceeding the €11 billion threshold for the first time during the first six months of the year.

The net result of the company that owns Zara amounted to €1.366 billion during H1 2017, compared to €1.256 billion during the first half of last year. Its EBITDA also grew at a rate of 9%, from €2.112 billion to €2.292 billion.

Original story: Eje Prime

Translation: Carmel Drake