Saturday, February 4, 2023

Zara owner expands real estate empire with $324 million investment

Inditex founder, Amancio Ortega, continues to expand his real estate investments in the US. this time with the purchase of a luxury residential skyscraper in Seattle US$ 324 millionLocated near Amazon’s headquarters in that city.

tore kiara It has 461 apartments for rent. As reported by the US publication The Business Journal, the Spanish conglomerate, owner of clothing brands such as Zara, Pull & Bear, Bershka, Massimo Dutti, Stradivarius and Osho, thus consolidates its operations in Seattle, where it already has Has invested about US$ 1.5 billion.

has invested in the Galician billionaire real estate property in different countries of the world.

Ortega is the owner of Pontegadia, the largest real estate company in Spain, focused on Procurement and management of large buildingsWith a portfolio of real estate assets primarily composed of non-residential office buildings located in the heart of large cities in Spain, the United Kingdom, the Americas and Asia.

Company’s real estate portfolio exceeds €15,264 million (some US$16,266 million at the current exchange rate), according to Spanish media reports.

19 Dutch2.Jpg

Skyscraper at 19 Dutchess, New York.

This investment in the US real estate sector adds to an investment it made last September, when it bought 19 Dutch Tower, a luxury apartment skyscraper in New York, for around US$500 million. The real estate project is located in Manhattan’s financial district near the World Trade Center, where the destroyed twin towers were located and are today the tallest buildings in the city.

Ortega owns a net worth of US$64.4 billion According to Forbes business magazine, he reinvests in real estate part of the dividends he receives from Inditex, of which he still owns 60%.

The vehicle carrying out these works is your firm Pontegadia Inmobiliaria, So far this year, Pontagedia has bought an office building in Glasgow (Scotland) for £200 million (about US$252 million), as well as the iconic Royal Bank Plaza skyscraper in Toronto (Canada) for about €874 million. Million (US$937). One million).

To these assets were added seven other logistics centers in the US, such as one in Menomonee Falls in Wisconsin for US$35 million and a distribution center in Philadelphia (Pennsylvania) for US$148 million. The Ortega-owned warehouses have among their tenants such large companies as Amazon, Nestlé, Home Depot and FedEx.

Seattle, the investment destination

Kiara Tower, the latest acquisition from the billionaire maker of Zara, is located in downtown Seattle and consists of 41 floors with a total of 461 rental apartments, ranging in units from one to three bedrooms. The tower also has a commercial area of ​​1,500 square metres.

The building was designed by Weber Thompson Studio and was completed in 2018. According to local media, the property has been in the hands of Canadian fund Oxford Properties Group for the past two years, which bought it for about US$320 million. Registry.

For Ortega, the Seattle market is not unknown. In fact, in 2019 the Galician businessman bought part of electronic commerce giant Amazon’s headquarters in the Troy Block complex after paying US$740 million.

In 2021, Zara’s founder paid about US$415 million to Vulcan Real Estate (the real estate company created by Paul Allen, co-founder of the late Microsoft) for Arbor Blocks, an 18,000-square-metre office complex with That homemade Facebook.

Both operations were carried out through the real estate investment company Pontagedia.

Nation World News Desk
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