Zara owner builds US$10b property empire
Relying on all-cash offers, Ortega, 77, outbids world's top institutional funds and property investors
[NEW YORK] Amancio Ortega Gaona, already the world's fourth-richest person based on the success of his Zara fashion retail stores, has quietly amassed a real estate empire worth as much as US$10 billion and is emerging as a formidable competitor for prime properties from London to Beverly Hills. Relying on all-cash offers, he has outbid the world's biggest institutional funds and professional property investors, such as Tishman Speyer Properties LP.
"He's at the very highest levels …
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