Amancio Ortega, the billionaire founder of the Zara clothing chain, has continued to expand his U.S. empire, this time buying a new fulfillment center in California.
Ortega’s family office, Pontegadea, paid $109 million for the Inland Empire Center, a strategic logistics hub about 60 miles east of Los Angeles. Bloomberg News.
Formerly owned by LBA Realty, the facility is currently a warehouse for retail giant Walmart Inc.
The move follows Pontegadea’s move into the U.S. logistics industry last year, when it invested $900 million in the U.S. It also falls in line with Ortega’s recent expansion efforts, including last month’s purchase of a $115.2 million European warehouse in the Netherlands.
Ortega’s investment vehicle, Pontegadea Inversiones SL, has been actively acquiring landmark properties around the world for more than two decades. The firm has invested billions in notable real estate holdings, from its Seattle-based headquarters to the Royal Bank of Canada’s leased office building in Toronto.
Ortega’s real estate portfolio is the largest among Europe’s wealthiest individuals, estimated to be worth more than $17 billion as of 2021. As the billionaire continues to expand his warehouse network and diversify his investments, his influence in global real estate markets remains prominent.
Pontegadea has recently diversified its portfolio by investing in luxury condominiums.
In December, Pontegadea bought the Kiara skyscraper at 111 North Terry Avenue in Seattle for $323 million, Bloomberg News.
This is the second foray into the luxury multifamily market by the Ortega family office, which bought the 64-story building at 19 Holland Street in New York for nearly $500 million in June.
Pontegadea has amassed a portfolio of office and retail properties, particularly in South Florida, though it also owns an office building in Seattle, where Amazon is a tenant.
The company also holds stakes in energy and telecom infrastructure businesses. Other notable acquisitions this year include a residential building in Dublin and a former BBC office in London.
— Ted Glazer