Zara’s billionaireowner to purchase luxurious New Yorkapartment constructing for $500 mn | World News

Amancio Ortega, the billionaire founding father of the Zara clothes chain, has agreed to purchase New York’s 19 Dutch condo constructing.

Ortega’s holding agency Pontegadea has reached an accord to accumulate the 64-floor luxurious condo complicated for about $500 million, in line with particulars revealed by commerce publication The Actual Deal and confirmed by a spokesperson for Ortega. The constructing was bought 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 business 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 long-lasting, 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 lately 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 challenge 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 Purple 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 line with the Bloomberg Billionaires Index. His wealth has taken a $19 billion hit this yr after Inditex’s share value tumbled 18%.