Kanga & Co leads on Zara’s largest retail space transaction

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.