According to CBRE, this was the largest transaction ever for a single high street retail store in Portugal.
Deka Immobilien has sold one of Zara’s flagship stores, located in Rua Augusta, in Lisbon. CBRE advised the Deka Group’s real estate investment company, considered one of the largest global real estate fund companies, in the sale operation considered to be the “largest transaction ever for a single high street store in Portugal”, a statement said.
The new owner of the store 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 store in a Sale & Leaseback transaction, within a portfolio consisting of 16 stores in Portugal and Spain. The store covers an area of 2,500 square meters and is located in the heart of Baixa-Chiado.
Nuno Nunes, Senior Director of Capital Markets at CBRE, states that “it is an honor 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 store located in one of Lisbon’s most iconic streets. Furthermore, we consider this a very important milestone for us, for having provided support to such a relevant client as Deka Immobilien”.
