Jun 22, 2023
Zara founder Ortega buys Dutch warehouse for $115 million
Jun 22, 2023
Spanish businessman Amancio Ortega, the founder of Zara owner Inditex, has bought a warehouse in the Netherlands for 105 million euros ($115.4 million), his private investment firm Pontegadea said on Wednesday.
The purchase, first reported by real estate website React News and later confirmed by a Pontegadea spokesperson, marks Ortega's foray into the European logistics sector after spending over $1 billion on distribution centres across the United States last year.
The warehouse is located in the southeastern city of Venlo - located on the banks of the river Meuse near the German border - and spans 103,000 square meters (1.1 million square feet), the spokesperson added.
The transaction comes after the 87-year-old billionaire acquired a building in central London that formerly housed offices of the British Broadcasting Corporation (BBC) for about $105 million in April, as well as a luxury residential building in Dublin for $108 million in March.
Pontegadea's buying sprees in recent years have included multiple residential and office buildings in Britain, the U.S. and Canada as part of a strategy to expand and diversify a vast real estate portfolio worth over 15 billion euros in 2021.
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