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HomeWealth ManagementZara Proprietor to Purchase Luxurious New York Residence Constructing for $500M

Zara Proprietor to Purchase Luxurious New York Residence Constructing for $500M


(Bloomberg)—Amancio Ortega, the billionaire founding father of the Zara clothes chain, has agreed to purchase New York’s Dutch 19 condominium constructing.

Ortega’s holding agency Pontegadea has reached an accord to amass the 64-floor luxurious condominium complicated for about $500 million, in accordance with particulars printed by commerce publication The Actual Deal and confirmed by a spokesperson for Ortega. The constructing was offered by Carmel Companions.

Pontegadea channels the dividends Ortega, 86, receives from his 59% stake in fast-fashion big Inditex SA to a portfolio targeted on premium industrial and residential actual property in cities from Seattle and Toronto to London and Barcelona. Inditex owns a number of manufacturers, together with Zara.

Earlier this yr, Pontegadea purchased an workplace constructing in Glasgow for about 200 million kilos ($236 million), in addition to the Royal Financial institution Plaza in Toronto for C$1.2 billion ($910 million).

The agency purchased the enduring, gold-clad tower in Canada’s monetary capital from Oxford Properties, the actual property arm of Ontario’s pension fund for municipal employees, and Canada Pension Plan Funding Board.

Whereas Ortega’s investments largely give attention to actual property, he’s additionally been diversifying in recent times into infrastructure.

Pontegadea owns a stake in an undersea telecommunications cable agency with Telefonica SA and in energy and fuel transmission networks in Spain and Portugal.

Ortega’s agency has additionally invested in a renewable vitality venture with Repsol SA and final yr purchased a stake in Portuguese energy and fuel grid operator REN – Redes Energeticas Nacionais SGPS. He additionally owns stakes in Enagas SA and Spanish grid operator Crimson Electrica Corporacion SA.

Ortega is Spain’s wealthiest particular person and is the Twenty third-richest particular person on this planet with a $48.5 billion fortune, in accordance with the Bloomberg Billionaires Index. His wealth has taken a $19 billion hit this yr after Inditex’s share worth tumbled 18%.

–With help from Macarena Munoz.

© 2022 Bloomberg L.P.

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