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Zara founder Ortega buys Dutch warehouse leased to Primark for $110 million

January 12, 2024 at 06:38 am EST

MADRID (Reuters) - 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.

($1 = 0.9115 euros)

(Reporting by Corina Pons; editing by Charlie Devereux and Jason Neely)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	INDITEX	45.34 EUR	+1.43%	+3.66%	151B
	BLACKSTONE INC.	122.5 USD	-0.03%	+3.45%	88.47B

Amancio Ortega

The richest man and also the most mysterious in Spain. Amancio Ortega is owner of Inditex third largest textile group in the world, which has in its portfolio brands as Zara, Massimo Dutti, Bershka and Zara home.

This is a beautiful story for railwayman’s son, who leaved the school at fourteen years old for a job as deliveryman. Later, he joined his uncle, and with him created a model of Shetland sweater that met an amazing success and will allow Amancio to open the first Zara store in La Coruna in 1975.

Amancio Ortega has a simple idea, make clothing in large series inspired by the best designers. Democratizing the luxury, this is his objective. He revolutionizes the world of prêt à porter and Zara stores open around the world.

Seventh richest man in the world with a fortune estimated at $31 billion and more than 2000 stores worldwide, the self-made man is a model of rigor and simplicity.

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