Inditex's Amancio Ortega buys part of Amazon HQ for €645m
Wednesday, November 21, 2018 @ 2:15 PM
INDITEX founder and Spain's richest man Amancio Ortega has just bought part of Amazon's headquarters in Seattle, USA, for a cool €645 million.
The 82-year-old tycoon from Galicia, whose clothing and interiors empire includes Zara, Zara Home, Pull & Bear, Bershka, Stradivarius, Oysho, Massimo Dutti and Uterqüe, already had investments in property to the value of nearly €8.8 billion before purchasing a chunk of the building housing the online megastore's main office for US$740m.
The Troy Block, made up of two buildings joined together, is mostly owned by the USA Army Real Estate fund, and Ortega has bought a share in it via his own estate agency, Pontegadea Inmobiliaria.
Currently in the final stages of the transaction, if the sale completes as planned, it will be Pontegadea's largest purchase in the USA and its second-largest ever, after buying London's Adelphi building for €680m.
Last year, Pontegadea's turnover – mostly through rental income – totalled €385m, being a 13.6% increase on that of 2016.
Read more at thinkSPAIN.com