PARIS — Inditex SA, owner of the Zara retail chain, announced today it has bought the building housing Zara’s flagship store in London from German property fund manager Deka Immobilien for 155 million pounds, or $243 million at current exchange.
Europe’s largest clothing retailer said ownership of the 75,500-square-foot store at the intersection of Oxford Street and New Bond Street would consolidate Inditex’s presence in the United Kingdom.
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The building has around 34,000 square feet of prime retail space and around 41,500 feet of prime office space leased by third parties, said the firm, which is based in Arteixo, Spain.
“Inditex’s expansion strategy remains focused on opening stores on a leasehold basis,” it added.
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Inditex has 96 stores in the U.K., including several units for its Zara, Massimo Dutti, Pull & Bear, Bershka and Zara Home retail concepts in London.