A local family office has bought the premises occupied by Zara on Príncipe de Vigo street, the city's main shopping street, from the management company Arcano Partners for around fourteen million euros.
The premises have a surface area of 4,500 square metres, distributed over four floors, and were previously occupied by the C&A fashion chain. The premises have been remodelled in recent months and, on the 1st of December, coinciding with the start of the Christmas campaign, Zara, the flagship brand of the Inditex group, opened its doors.
"Despite the fact that we are going through a change of scenario as a result of the pandemic and the rise in interest rates, we are seeing a lot of interest from private investors in acquiring this type of asset, as they see the current situation as an opportunity," said Pablo Gómez de la Vega, capital markets manager at the consultancy firm RPE Capital Markets, which advised on the transaction together with the firm SPG Real Estate.
The premises are located at number 42 Príncipe Street, on the corner of Eduardo Iglesias, one of the most central and visible areas of Vigo. In the same Príncipe street, other chains of the Inditex group are also positioned, such as Zara Home, Pull&Bear, Massimo Dutty and Oysho.