The founder of Inditex, Amancio Ortega, continues to expand his influence through Pontegadea, the group’s investment arm. In the real estate sphere, Pontegadea is pursuing a notable property deal in London, negotiating to acquire the former BBC headquarters for around 80 million pounds (nearly 90 million euros), according to industry reports from CoStar News.
Reports indicate that the property at 33 Foley Street may be owned by Abrán, the founder’s entity within the Inditex family of ventures.
Pontegadea has not commented on the operation, and no official statements have been released about the negotiations.
Ortega’s most recent major acquisition occurred at the end of 2022 when the magnate purchased a luxury residential skyscraper in Seattle for approximately 324 million dollars (roughly 305 million euros). The building, known as the Kiara Tower, sits in proximity to Amazon’s headquarters and features 461 rental units in its portfolio.
Strengthening real estate operations
This investment underscores Pontegadea’s ongoing expansion in Seattle, a market where the investor has already allocated around 1.5 billion dollars (about 1.4 billion euros) across various holdings.
In addition to the Seattle project, Ortega closed the acquisition of a luxury apartment skyscraper in New York at the end of 2022, with a value close to 500 million dollars (approximately 505 million euros).
Earlier, in 2022, the portfolio broadened with the purchase of an office building in Glasgow, Scotland, for about 200 million pounds (around 237 million euros). The iconic Royal Bank Plaza in Toronto, Canada, became part of the collection at a cost near 1.15 billion Canadian dollars (over 874 million euros).
Beyond these European and North American assets, Pontegadea added more logistics capacity in the United States: a distribution platform located in Menomonee Falls, Wisconsin, acquired for 35 million dollars (roughly 34 million euros), and a distribution center in Philadelphia, Pennsylvania, valued at 148 million dollars (about 147 million euros).
The Inditex founder channels a portion of his dividends from the textile group into real estate through Pontegadea Inmobiliaria. Ortega also leads Spain’s largest real estate agency, a firm specializing in the acquisition and management of substantial industrial and commercial properties. The portfolio includes a concentration of non-residential office buildings primarily in major cities across Spain, the United Kingdom, the United States, and Asia.