Amancio Ortega, the billionaire founder of Spain’s Zara, has acquired logistics assets in Italy for €327 million ($361 million). 

The purchase, which includes locations in Milan and Rome, follows a string of similar deals by Ortega investment vehicle Pontegadea Inversiones SL, a company spokesperson said, confirming an earlier report by Green Street News.

Pontegadea at the end of last year acquired a logistics center in Dublin used by companies including Amazon.com Inc., and this year bought a warehouse in the Netherlands used by fashion retailer Primark Stores Ltd. 

The deal comes at a moment of retrenchment in Italy’s industrial and logistics real estate sector, which saw investments of €180 million in the second quarter, down 26% year-on-year, according to a CBRE report.

Pontegadea began buying up logistics assets in 2022, spending nearly $1 billion on warehouses in US states including California, Texas and Pennsylvania.