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Kanga acts on Zara's $4.5m annual rent lease of high-street space

Kanga & Co advised Sopariwala Exports on leasing to Spanish fashion chain Zara, 50,000 square feet of space – the largest space leased to date in India, to a foreign brand – in its Ismail building in South Mumbai’s Flora Fountain. The annual rent for the space is Rs 30 crore ($4.5m).

Kanga senior partner ML Bhakta and partner Sirisha Sampat acted for Sopariwala which owns the four-storeyed ornamental Ismail building situated at Hutatma Chowk. The lease to Zara is for 21 years.

Inditex Trent Retail – the Indo-Spanish joint venture between Inditex and the Tata Group, which operates Zara stores in India - was advised by their in-house legal team.

Zara already has three stores in Mumbai but its fourth - the Flora Fountain outlet - will be it’s first store on a high street in India, reported the Economic Times.

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