Thursday, February 29, 2024

Zara Founder Ortega Buys Dutch Warehouse Leased to Primark for $110 Million

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Spanish billionaire Amancio Ortega has bought a logistics centre in the Netherlands currently used by rival British fashion retailer Primark for 110 million euros ($121 million), his family office Pontegadea said.

Ortega, the founder of fashion group Inditex, which owns Zara, bought the 87,000-square-metre property in Roosendaal from Blackstone, real estate news site React News reported earlier.

The deal follows investments in logistics assets in the United States, including the acquisition in December of a warehouse in Florida.

Pontegadea, which is not connected to Inditex, owns $20.1 billion worth of real estate assets, mainly luxury buildings and office towers, though in recent months it has diversified into energy and logistics assets in Europe and North America.

Ortega is also the owner of Primark’s flagship store on Madrid’s Gran Via.

By Corina Pons; editing by Charlie Devereux and Jason Neely

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