Zara founder Ortega buys US warehouse for $109 million By Reuters

MADRID (Reuters) – Amancio Ortega, the founder of Zara-owner Inditex (BME:), has bought a warehouse in Los Angeles for $109 million as part of a continued drive to invest in logistics real estate in the U.S., his investment firm Pontegadea said on Wednesday.

Ortega, Inditex’s main shareholder, bought the 340,120 square-feet (31,600 square metres) building in the Inland Empire valley outside of Los Angeles from LBA Realty, his family office Pontegadea said. The property is currently being used as a Walmart (NYSE:) distribution centre.

The building is located near industrial centres operated by users such Amazon (NASDAQ:), Fedex and Mattress Firm.

Pontegadea, which is not connected to Inditex, has invested over 1 billion dollars since last year on logistics centres in the U.S. and on residential buildings, as a way to diversify from office buildings and commercial property acquisitions.

The transaction, first reported by local real estate website, The Registry, and later confirmed by a Pontegadea spokesperson, follows the recent acquisition of a warehouse in the Netherlands for 105 million euros ($116.15 million).

In April, Ortega’s family office acquired a central London building that formerly served as the offices of the British Broadcasting Corporation (BBC). Pontegadea has also acquired several residential and office buildings in Britain, the U.S. and Canada.

Pontegadea’s real state portfolio was worth over 15 billion euros in 2021.

($1 = 0.9040 euros)