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Thursday, December 15, 2022

Billionaire Zara Proprietor Agrees to Purchase Seattle Luxurious Excessive-Rise

(Bloomberg)—Amancio Ortega, the billionaire founding father of the Zara clothes chain, is doubling down on US luxurious residential actual property with a deal to purchase an condo constructing in Seattle.

Ortega’s household workplace Pontegadea has agreed to purchase the 40-floor Kiara skyscraper for $323 million, a spokesperson mentioned on Thursday, confirming an earlier report by newspaper El Pais.

That is Pontegadea’s second acquisition of premium residential actual property within the US, after agreeing to purchase a New York constructing earlier this yr. Historically, the agency targeted on high-end workplace buildings and retail websites. Ortega receives lots of of hundreds of thousands of euros in dividends yearly for his 59% stake in Inditex SA, the mother or father firm of Zara.

Certainly one of Pontegadea’s most iconic investments is an office-building in Seattle, the place the agency is landlord to Amazon.com Inc.

Lately, the corporate has sought to diversify past actual property, with investments in telecommunications and vitality infrastructure in addition to renewable-energy vegetation. This yr, Pontegadea additionally invested about $700 million in logistics amenities within the US, a primary within the sector for it.

© 2022 Bloomberg L.P.

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