Inditex Trent Retail India – a joint venture between the Tata Group and Inditex, the owner of Spanish clothing and accessories retailer Zara – has signed a 21-year lease of a 50,000-square-foot space in Ismail Building, a four-storey ornamental heritage building in Hutatma Chowk, south Mumbai. The space is owned by the Sopariwala Exports group.
The deal worked out to over ₹450 (almost US$7) per square foot per month, for an annual rent of ₹270 million.
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The transaction is said to be the biggest of its kind in this sector. The Hutatma Chowk area, also known as Flora Fountain, houses several domestic and international banks. With this deal, Ismail Building has become the largest retail space on a high street for a foreign brand in India.
Kanga & Co senior partner ML Bhakta and partner Sirisha Sampat advised Sopariwala Exports on the deal, facilitating the title due diligence, drafting and vetting the documents, and advising on various related issues. Inditex Trent Retail India was advised by its in-house team.
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