Spanish megabrand arrives at Ilica: Did Inditex pay for Nama?

After there were no bidders in the first round of the August auction, the situation with Nama in Ilica has finally progressed. In the second round of the e-auction, a deposit has been paid, confirms the bankruptcy trustee Damir Mikić, adding that the identity of the bidder and the amount of the deposit are not public yet, as the procedure is led by the Financial Agency, and the data will only become available after the bidding deadline.

– The deposit has been paid to Fina, which conducts the electronic auction. The procedure is standard, prescribed, only we have one bidder. The auction is held even with one, and we are waiting for the deadline to expire on November 11, 2025. If there are no other offers, this one will likely be accepted, but only after the deadline – says Mikić.

However, unofficially, we learn that the likely depositor is Inditex, the Spanish multinational group, which owns Zara, Pull & Bear, Bershka, Massimo Dutti, Oysho…, and plans to have its headquarters and all its brands in that space as a ‘department store’ concept. To confirm the information, we sent an inquiry to Inditex, and we are still waiting for a response.

Deadlines and next steps

The second round lasts until November 11, 2025, and the entire procedure is conducted through the e-Auction system. After the auction concludes, Fina will submit documentation to the bankruptcy judge, after which the court will make a decision. Only then will it be known who paid the deposit and with what offer they participated. The minimum acceptable price remains 50 percent of the estimated value, thus the initial €17.25 million; the property cannot be sold below that.

Buyer obligations

The subject of sale is the attractive buildings at Ilica 4 and 6 (approximately 3600 m²), along with the mandatory purchase of inventory and commercial goods (commissioned goods are resolved by separate agreement). A key obligation is the labor-legal obligation, as the buyer must continue operations and take over all 160 employees for at least two years, under the same conditions they had at Nama. There are registered encumbrances from Croatia osiguranje and the Republic of Croatia on the properties, and the buildings are under preventive protection from the City Institute for the Protection of Cultural Heritage and Nature, which will make any serious reconstruction more demanding in terms of project and conservation layers, but also predictable in terms of deadlines.

– Retaining workers for two years should not be problematic as it takes about that long to design and obtain permits if the buyer intends to renovate – said Mikić after the second round of the electronic public auction was announced.

Total reported claims in bankruptcy amount to around €35 million, so it is likely that not everyone will be fully satisfied by the sale of Ilica. The bankruptcy estate still includes Nama at Kvaternikov Square and part of the department store at Radićeva 1, which is currently not for sale due to an ongoing dispute regarding the return of property.