Spain’s richest man buys Glasgow building for US$254m
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AMANCIO Ortega, the billionaire behind the Zara fashion brand, has bought a commercial building in Glasgow for US$254 million.
The development, which hosts BNP Paribas and Aecom’s offices in the Scottish capital, was purchased from HFD Group, according to React News and Spanish website El Confidencial. A representative for Ortega’s family office confirmed the transaction to Bloomberg News.
Ortega, Spain’s richest man, has invested billions of euros in landmark properties around the world like Manhattan’s Haughwout Building and Miami’s tallest office tower. His investment firm, Pontegadea Inversiones, announced last year it owned the largest real estate portfolio among Europe’s super-rich, valued at 15.2 billion euros (S$22.2 billion).
The bulk of the firm’s investments is focused on premium commercial real estate, though the billionaire also owns stakes in Telefonica's tower unit Telxius and natural-gas pipeline company Enagas. BLOOMBERG
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