Billionaire Zara founder pays 327 million euros for Italy logistics assets
The purchase includes locations in Milan and Rome
AMANCIO Ortega, the billionaire founder of Spain’s Zara, has acquired logistics assets in Italy for 327 million euros (S$470.62 million).
The purchase, which includes locations in Milan and Rome, follows a string of similar deals by Ortega investment vehicle Pontegadea Inversiones, a company spokesperson said, confirming an earlier report by Green Street News.
Pontegadea at the end of last year acquired a logistics centre in Dublin used by companies including Amazon.com, and this year bought a warehouse in the Netherlands used by fashion retailer Primark Stores.
The deal comes at a moment of retrenchment in Italy’s industrial and logistics real estate sector, which saw investments of 180 million euros in the second quarter, down 26 per cent year-on-year, according to a CBRE report.
Pontegadea began buying up logistics assets in 2022, spending nearly US$1 billion on warehouses in US states including California, Texas and Pennsylvania. BLOOMBERG
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