Inditex has selected German fund Deka Immobilien to sell the portfolio of 16 stores that were put on sale last December for about €400 million, according to "El Confidencial".
This digital newspaper informs that the transaction is scheduled to close this week, which will allow the owner of Zara, Massimo Dutti and Bershka, among other brands, to include this divestment in the results for the year 2017.
The operation will mark a milestone in the history of Inditex, which with this divestment activates a strategy of selling small historic stores to continue concentrating its activity on big stores ('flagships').
About 80% of the value of this portfolio corresponds to the stores located in Madrid (Zara in Preciados and Lefties in Carretas), Barcelona (Zara in Pelayo) and Lisboa (Rua Augusta and Antonio Augusto Aguiar).
The rest of the stores are located in Valencia, Cordoba, Albacete, Palma de Mallorca, Seville, San Sebastian, Ciudad Real, Zamora and Fuengirola, and are occupied by different brands of the Galician holding.
Source: El Confidencial and Iberian.Property