Deka Immobilien sells Zara shop in Lisbon in "historic transaction"

Deka Immobilien sells Zara shop in Lisbon in "historic transaction"

Deka Immobilien has sold one of Zara's flagship shops, located on Rua Augusta in Lisbon. CBRE advised the Deka Group's real estate investment company, considered one of the largest global real estate fund companies, on the sale operation considered the "largest ever transaction of a single high street shop in Portugal", a statement said.

The new owner of the shop is a subsidiary of NEXT FCR, a Venture Capital fund managed by STAG and advised by Optylon Krea, an investment management and real estate development company with 1.7 billion euros managed to date. The buyer was advised by Abreu Advogados and the seller by Cuatrecasas.

In 2018, Deka Immmobilien acquired this shop in a Sale & Leaseback transaction, within a portfolio comprising 16 shops in Portugal and Spain. The shop contemplates an area of 2,500 square metres and is located in the heart of Baixa-Chiado.

Nuno Nunes, Senior Director of Capital Markets at CBRE, states that "it is an honour for CBRE Portugal to be involved in this high street retail transaction. It is a unique transaction and the largest ever by volume in the Portuguese retail market, and it is a shop located in one of Lisbon's most iconic streets. Furthermore, we consider this to be a very important milestone for us, for having provided support to such a relevant client as Deka Immobilien".

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