“Inditex will pay a single rent of over €20/square meter/month, but I cannot tell you the exact amount, because it is confidential. The surface is indeed of some 5,000 sqm,” Adamescu told Business Standard. Sources on the real estate market say that the space, located on the ground floor in the Unirea mall, is leased for at least 15 years. At a price of €20/sqm/month, Adamescu would receive some €100,000/month from the Zara business, which means that the value of the contract is worth some €18 million. Neither Inditex nor Unirea Shopping Center wished to comment on the value or the maturity of the contract, for confidentiality reasons.
The space, previously rented by the Media Galaxy electronic and household appliance retailer, has a street entrance and will be used by Inditex for a new Zara store, which will include Zara Woman, Zara Man, Zara Kids, and Zara Home. According to the announcement made by representatives of Retail Group, the company which brokered the transaction, when the contract was signed, the store’s sale surface will be of 3,000 square meters at most, with the remainder being used for offices and logistics. The first Zara store was opened in 2004, a franchise by Azadea Group in Plaza Romania.
The Adamescu family informed the Bucharest Stock Exchange last month that it plans to sell the Brasov-based Unirea Shopping Center, opened in the spring of 2008, following a €35 mln investment, and a 7.66 percent share package of the Bucharest-based Unirea Shopping Center.
