Zara billionaire pays $500m for entire New York apartment complex

AMANCIO Ortega, the billionaire founder of clothing chain Zara, has agreed to buy New York’s 19th Dutch apartment building.

Ortega’s holding company, Pontegadea, has reached an agreement to acquire the 64-story luxury apartment complex for around $500 million, according to details released by The Real Deal magazine and confirmed by an Ortega spokesman became. The building was sold by Carmel Partners.

Pontegadea is diverting dividends Mr. Ortega, 86, receives from his 59 percent stake in fast fashion giant Inditex into a portfolio focused on prime commercial and residential real estate in cities from Seattle and Toronto to London and Barcelona . Inditex owns several brands, including Zara.

Earlier this year, Pontegadea bought an office building in Glasgow for around £200m (€235m) and the Royal Bank Plaza in Toronto.

The company bought the iconic, gold-clad tower in Canada’s financial capital from Oxford Properties, the real estate arm of Ontario’s municipal workers’ pension fund, and the Canada Pension Plan Investment Board.

While Mr. Ortega’s investments are primarily focused on real estate, he has also diversified into infrastructure in recent years.
With Telefonica SA, Pontegadea has interests in a subsea telecommunications cable company and in electricity and gas transmission networks in Spain and Portugal.

Mr. Ortega’s firm has also invested in a renewable energy project with Repsol and last year acquired a stake in Portuguese electricity and gas network operator REN – Redes Energeticas Nacionais. He also owns shares in Enagas SA and Spanish grid operator Red Electrica Corporacion.

Mr. Ortega is Spain’s richest person and is the 23rd richest person in the world. Zara billionaire pays $500m for entire New York apartment complex

Fry Electronics Team

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