Zara owner Ortega buys $550 million Madrid skyscraper

Zara owner Ortega buys $550 million Madrid skyscraper
 

Amancio Ortega, Europe's richest man and founder of global fashion group and Zara owner Inditex (ITX.MC), has bought one of Madrid's most famous skyscrapers for 490 million euros ($551 million) through his property investment arm, a source said.
The purchase marks another step in the famously-reclusive billionaire' s strategy to build a property empire through Pontegadea Inmobiliaria, one of the biggest property companies in Spain, and his holding company Pontegadea Inversiones.
The source said late on Friday that Pontegadea Inmobiliaria had bought the tower from Abu Dhabi tycoon Khadem... read more

 
1 October 2016 in Business, Views: 59
Source: Reuters
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