People walk past a Zara store in Barcelona image

The Zara owner Ortega buys $550 million Madrid skyscraper

The Zara owner Ortega buys $550 million Madrid skyscraper

Amancio Ortega, Europe’s richest man and founder of global style group and Zara owner Inditex (ITX.MC), has sold one ofMadrid’s most well-known skyscrapers for 490 million euros ($551 million) through his assets investment arm, a sourcestated.

People walk past a Zara store in Barcelona image
People walk past a Zara store in Barcelona, November 5, 2013.

the purchase marks some other step in the famously-reclusive billionaire’ s method to construct a property empire viaPontegadea Inmobiliaria, one of the biggest property corporations in Spain, and his holding organization Pontegadea Inversiones.

The source said late on Friday that Pontegadea Inmobiliaria had bought the tower from Abu Dhabi tycoon Khadem al-Qubaisi, whose fund had exercised a last-minute purchase option from Spanish lender Bankia (BKIA.MC), its previousowner.

Pontegadea Inmobiliaria declined to comment on the mentioned buy of the tower – known as “Cepsa Tower” after the oil refiner Cepsa CPF.GQ that leases it – which along with 3 others dominates the skyline of Madrid’s northern district.

Ortega has bought properties in London’s Mayfair and Oxford street, at the side of different properties in high locationsin new york, Madrid and Seoul. He rents out lots of the space to Inditex stories like Zara, but also to rivals inclusive of H&M (HMb.ST).

Ortega, who turned eighty this year, is the second one richest guy within the international with a fortune totaling $72.7 billion, according to Forbes magazine in July, behind Microsoft Corp (MSFT.O) co-founder bill Gates.

Pontegadea Inmobiliaria booked property of 6.06 billion euros at the quit of 2015, up 8.3 percent from the preceding 12 months


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