Zara founder buys skyscraper for 490 million euros

cepsa-tower-zara-owner

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.

amancio-ortega-zara-owner

Amancio Ortega

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s