Zara owner in €620 million property spree

LAST UPDATED: 4 Sep, 2014 @ 07:12
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Zara owner in €620 million property spree

THE private company of Spain’s richest man has splashed out a staggering €620 million on property this year.

Amancio Ortega, founder of Inditex which owns fashion retailer Zara, is already valued at €47 billion and the Galician tycoon now seems intent on further expanding his real estate profile.

Pontegadea Inmobiliaria – the company Ortega uses for property investment – posted net profits of €93.3 million in 2013.

The property company specialises in scooping up buildings on the world’s most exclusive streets, with the Apple Store in Barcelona and the Picasso Tower in Madrid among those in the portfolio.

Forbes lists Ortega as the world’s fourth richest man behind Carlos Slim, Bill Gates and Warren Buffett.

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