Amancio Ortega, the billionaire founder of the Zara apparel chain, acquired a logistics center in Pennsylvania for $148 million as he continues to expand into new types of investments.
Ortega’s family office Pontegadea bought a one million square feet center in Philadelphia from Realty Income, according to a Pontegadea official. The center, built in 2001, has been leased to U.S. retailer and logistics firm TJX Cos. Inc. for about two decades.
This is the second logistics acquisition by the family office, following the smaller purchase of a warehouse in Wisconsin earlier this year. It’s also the latest sign of Pontegadea’s push to diversify its portfolio, which is mostly formed by commercial real estate but is increasingly focused on renewable energy, as well as power and gas transportation networks.
The bulk of Ortega’s wealth comes from his 59% stake in Inditex SA, the owner of Zara and other brands. He is currently worth $44 billion, making him Spain’s wealthiest person, according to the Bloomberg Billionaires Index.
Pontegadea exists mainly to channel the dividends Ortega, 86, receives from Inditex, which he founded in 1963. Inditex’s stock has slumped 26% this year, as equity investors turned away from retail stocks.
The news was first reported by the Philadelphia Business Journal and Bisnow Philadelphia.
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