Zara founder Ortega buys Dutch warehouse for $115 million
Reuters API
Spanish businessman Amancio Ortega, the founder of ZaraInditex
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.
