German fund manager Deka Immobilien has announced the acquisition of the Mistral portfolio consisting of 16 retail properties in Spain and Portugal.
The 34,000 m2 package was sold by clothing retail giant Zara España under a sale-and-leaseback transaction for an undisclosed amount.
Half of the properties will be added to the Deka-ImmobilienEuropa open-ended real estate fund and the other half to WestInvest InterSelect.
The portfolio comprises 14 properties in Spain and two in Lisbon, Portugal. The Spanish assets are located in Madrid and Barcelona, as well as in the provincial capitals. All the properties are leased to Zara under a long-term rental agreement.
