Spain’s richest man Amancio Ortega set to spin €25 million profit on luxury German property

Retail-cum-property tycoon Amancio Ortega cashes in on luxury German property as he lines up a €500 million bid for one of Oxford Street’s most sort after spots

LAST UPDATED: 7 May, 2015 @ 12:15
2
SHARE

 

SPAIN’S richest man Amancio Ortega is set to spin a tidy €25 million profit as he begins to cash in on his vast international property portfolio.Ortega

Ortega – the founder of retail company Inditex, parent company of Zara – is set for a €300 million cash injection as he lines up a sale for The Q commercial building in Berlin’s luxury Friedrichstrasse shopping street.

The retail magnate will bag €25 million from the sale of the German building after buying the property for €275 million in 2007.

But don’t expect Ortega to stop in his international property quest. He is reportedly lining up a bid in excess of €500 million for the Primark building on London’s Oxford Street.

Friedrichstrasse, all but destroyed during World War II, was rebuilt into an upscale shopping street after the Berlin Wall fell in 1989.

The Q has 50,000 square meters (538,000 square feet) of offices, shops and apartments.

Ortega spent all of €620 million expanding his property portfolio in 2014



Gib Rocks - the magazine for Gibraltar

Subscribe: Olive Press news to your inbox

2 COMMENTS

  1. stefanjo, sad to hear you are still a pauper and as you well know money will make money, know doubt the boy with the most toys will enjoy the fruits of Ortega and best of luck to him, would love to be in his shoes.
    Whoops, that reminds me, almost forgot to do the pools.

HAVE YOUR SAY...