Monday, February 6, 2023

Amancio Ortega acquires a luxury residential skyscraper in Seattle for 300 million

second raid of amancio ortega In a luxurious rented house. Galician businessman has acquired the tower Kira Through his property in Seattle (USA) for 323 million dollars (about 304 million euros) pontegadiaas confirmed five days After being published in the local media in the American city. In October, the Inditex founder closed the purchase of the 19 Dutch Tower in Manhattan, for which he paid about $500 million.

The tower that Ortega acquired is named after Kiara. With 41 floors, it is located at 111 Terry Avenue in downtown Seattle. building is 461 Apartments For rent, which includes one to three bedroom apartments. The building was designed by Weber Thompson Studio and was completed in 2018. From 2020 it was in the hands of the Canadian Fund. Oxford Properties Groupwho bought it for around $320 million (301 million euros at current exchange rates) according to local media. Registry, Besides, it has a business area of ​​1,500 square meters.

The seller of the Kiara Building is a Toronto fund with a multinational presence and which manages $82,000 million in real estate assets, primarily tied to Ontario authorities, with capital from Canadian pension fund OMERS.

In this way, Pontagedia continues to strengthen itself in a stable market in the US, in addition to its diversification portfolio Strengthening the residential footing, as this real estate agency has traditionally invested in office buildings and complexes along the main commercial axes, as well as hotels.

This isn’t the first time that Ortega has landed in Seattle. as it progressed five days In 2019, the founder of Inditex became the landlord Amazon by purchasing part of the e-commerce giant’s headquarters in a complex in that city troy block, for approximately 655 million euros. So the seller was USAA Real Estate, the real estate arm of an insurer attached to the US military. Two years later, it paid about 380 million to Vulkan (the real estate company created by Paul Allen, co-founder of the late Microsoft). Arbor Block to become Facebook’s landlord,

The pace of Ortega’s real estate purchases has been particularly high in recent months and focused mainly on the US. In addition to the acquisition of 19 Dutchess in Manhattan (through which they entered the luxury rental housing business), we must add a strong commitment to logistics in that country. through it family officePontegadia, the Galician billionaire acquired seven logistics centers in the US states of Pennsylvania, Wisconsin, Tennessee, South Carolina Virginia, Pennsylvania and Texas, for which he paid about 900 million Realty Income Corp. These warehouses are leased to operators such as Amazon, Home Depor, Nestlé or Fedex, among others.

Ortega channels his relevant real estate investments through Pontegadia, a company that has already become one of the largest in the country in terms of assets. At the end of 2021, he portfolio The real estate reached a valuation of 15,264 million, its highest ever valuation, with an inter-annual growth of 8.4%.

Galician businessman, whose wealth according to 63,100 million forbes, has opted for real estate to reinvest the multimillion-dollar annual dividends it receives from Inditex, of which it controls about 60%. His bet on the brick always goes through unique, large and well-located properties in the main cities of the world, as is the case with his new trophy in Seattle.

The European headquarters are also interested in the frantic activities of Pontegadia this year. meta (Facebook, WhatsApp and Instagram) in Dublin, which is in talks to acquire for 550 million.

Nation World News Desk
Nation World News Desk
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