The 7,000-square-metre property is home to one of the most emblematic Zara stores in the world. The building has 3,155 square metres of prime retail space and 3,855 square metres of prime office space leased by third parties.
“The investment of £155 million takes advantage of this rare opportunity to buy from the German fund manager Deka such unique premises consolidating I
nditex’s presence in the UK,” the Spanish company said in a press release.
Inditex also noted that, in spite of this decision, its expansion strategy remains focused on opening stores on a leasehold basis. The group has 96 stores in the UK, including a major presence of Zara, Massimo Dutti, Pull&Bear, Bershka and Zara Home retail concepts in London.
The Inditex Group generated net sales in the first quarter of 2012 (1 February to 30 April) of €3.4 billion, 15% higher year-on-year (14% in local currencies). Net income amounted to €432 million, 30% more than in the first quarter of 2011. Inditex opened 91 new stores during the quarter, bringing the total store base to 5,618 at 30 April 2012. The new stores were opened in 26 difference markets.