• Transaction / Assets
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Inditex Seals €39 Mn Deal on Building Leased to Zara on Born St., Palma

30/10/2014 – Cinco Dias

Inditex bought another building occupied by one of its brands. This time the clothing giant acquired a property leased to Zara found on Born, Palma de Mallorca’s ‘golden mile’, for €39 million.

Usually renting, Inditex assured it had not changed its strategy and the transaction was included in recent group’s results.

Two years ago, Inditex purchased another building occupied by a Zara store in London, UK, from Deka for €192 million. Moreover, the tycoon snapped up a huge property in Milan for €103 million and another 3.600 square meter shop on the Fifth Avenue, New York, for €257 million.

The building acquired in Palma de Mallorca has 3.000 square meters. Its facade is protected. As a matter of fact, Inditex bought Born, company founded in 1930 which manages the property.

As per July 31 2014, Inditex owned 6.460 stores all over the globe (1.839 in Spain, 2.840 in the rest of Europe, 570 in America and 1.211 in the rest of the world).

Out of the total of shops, 843 units are franchises. Zara trades clothes in 1.863 stores, Pull & Bear in 872, Massimo Dutti in 681, Bershka in 973, Stradivarius in 877, Oysho in 556, Zara Home in 408 and finally, Uterqüe in 67.

In the first half of the year, the firm chaired by Pablo Isla invested €802.7 million in new openings and renovations. Amancio Ortega controls a 59.29% share in Inditex through Gartler (50%), and Partler 2006 (9.2%).

Real estate company of the magnate, Pontegadea Inmobiliaria, earned €93.3 million in 2013. Its most noteworthy assets are the Torre Picasso skyscraper in Madrid, the Devonshire House, London, and a building in Manhattan.

In 2014, Pontegadea purchased the old premises of Banesto on the Plaza Catalunya square, Barcelona, for €44 million from Sareb and the property let to Apple in Valencia for €23.5 million.


Original article: Cinco Días (Alberto Ortín Ramón)

Translation: AURA REE