Zara owner Ortega buys $550 million Madrid skyscraper

MADRID Amancio Ortega, Europe's richest man and founder of worldwide style group and Zara proprietor Inditex (ITX.MC), has sold considered one of Madrid's most well-known skyscrapers for 490 million euros ($551 million) thru his property investment arm, a supply stated.

the acquisition marks some other step within the famously-reclusive billionaire' s method to build a assets empire through Pontegadea Inmobiliaria, one of the most important belongings groups in Spain, and his protecting agency Pontegadea Inversiones.

The source stated late on Friday that Pontegadea Inmobiliaria had bought the tower from Abu Dhabi multi-millionaire Khadem al-Qubaisi, whose fund had exercised a final-minute purchase choice from Spanish lender Bankia (BKIA.MC), its preceding proprietor.

Pontegadea Inmobiliaria declined to touch upon the pronounced buy of the tower - known as "Cepsa Tower" after the oil refiner Cepsa CPF.GQ that rentals it - which at the side of three others dominates the skyline of Madrid's northern district.

Ortega has offered homes in London's Mayfair and Oxford road, at the side of different properties in high locations in the big apple, Madrid and Seoul. He rents out a great deal of the gap to Inditex tales like Zara, however additionally to opponents together with H&M (HMb.ST).

Ortega, who became 80 this 12 months, is the second one richest guy in the global with a fortune totaling $72.7 billion, in keeping with Forbes magazine in July, behind Microsoft Corp (MSFT.O) co-founder bill Gates.

Pontegadea Inmobiliaria booked assets of 6.06 billion euros at the cease of 2015, up eight.3 percentage from the preceding year.