Amancio Ortega, the billionaire founder of Inditex SA, acquired a warehouse in the Netherlands, marking his first move into European logistics after a buying spree in the United States in 2022.

Ortega’s investment vehicle, Pontegadea Inversiones SL, agreed to pay €105 million ($115.2 million) for a 103,000 square meter property located in Venlo, a logistics hub on the border with Germany, according to a company spokesperson. The facility is currently rented by Danish transport company DSV A/S.

While Ortega’s portfolio has historically focused on premium commercial and residential real estate around the world, this deal comes on the back of a recent foray into the U.S. logistics sector that saw the family office spend close to a billion dollars on warehouses across the country.

Ortega’s real estate portfolio was valued at €15.3 billion as of 2021, the largest among Europe’s property family offices. This year, he is set to receive close to €2 billion in dividends through his 59% stake in Inditex.

In recent years, Pontegadea has also diversified its investments through stakes in infrastructure and energy.

The news was first reported by React News.