In the largest ever space transaction by any international retailer on high streets across the country, Spanish fashion chain Zara has picked up 50,000 sq ft in Ismail Building, a four-storeyed building owned by the Sopariwala Exports group..Kanga & Co acted for Sopariwala Exports with a team led by Senior Partner ML Bhakta along with Partner Sirisha Sampat..Commenting on the deal, Sirisha told Bar & Bench that,.“The transaction was quite interesting. Apart from carrying the distinction of being the biggest transaction in this segment and the largest retail space ever acquired by a foreign brand in the country, it has also re-defined the dynamics of retail space in the city. It is the first time where a great international brand like Zara has acquired a full building in high street and it should now be an opening for other international brands to do so in India.”.The lease is for a period of 21 years, which includes 5 year lock in, reports ET. The deal works out to over Rs. 450/- per square feet per month; an annual rent of 30 crore..With this deal, Ismail Building has become the largest retail space in a high street for a foreign brand in the country..Inditex Trent Retail India Private Limited, a joint venture between Spain’s Inditex and Tata Group, was advised by their in-house team.
