By
Bloomberg
Published
September 10, 2024
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.
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