Deka Immobilien has acquired the “Mistral portfolio” containing 16 retail properties. The clothing retailer Zara España S.A. sold the properties under a sale-and-leaseback transaction. Eight of the properties will be added to the open-ended real estate fund Deka-ImmobilienEuropa and eight to WestInvest InterSelect. The parties agreed not to disclose the purchase price.
The portfolio mainly consists of 14 properties in Spain. In addition to Madrid and Barcelona, they are primarily located in the provincial capitals. There are a further two buildings in Lisbon. The portfolio properties offer close to 34,000 m² of leasable area. They are in very good retail locations and are fully leased under long-term leases to Zara.
This acquisition allows fund management of Deka-ImmobilienEuropa and WestInvest InterSelect to take advantage of the rare opportunity to acquire retail properties in high street locations while simultaneously increasing regional diversification in Southern Europe.
