Zara owner, Amancio Ortega, has just bought for 490 million euros ($ 551 million) one of Madrid’s most famous skyscrapers – known as Cepsa Tower – from Abu Dhabi businessman, Khadem al-Qubaisi.
The building, previously the headquarters of the oil refinery Cepsa, is located in Cuatro Torres Business Area, which is the financial hub of Madrid. It was designed by the award-winning architect, Foster Norman, Baron Foster of Thames Bank.
This purchase reveals his strategy of creating a real estate empire using Pontegadea Imobiliaria – his real estate company – as the tool for reaching this goal. In July the billionaire bought for 44 million euros one of Barcelona’s most iconic buildings, where previously was Bank Banesto headquarters.
Mr. Ortega is the owner of the fashion group, Inditex, which has Zara as the main branch. He’s the second richest man in the world, with a fortune of $ 72.7 billion.