Zara founder Amancio Ortega (87), or the richest Spaniard, strikes again in the real estate market in the United States. After buying a skyscraper in midtown Manhattan last year, he has now gifted himself a residential tower in Chicago.
Zara, the founder of the clothing store, smashes $232 million
According to Bloomberg, the Spanish billionaire — who has an estimated net worth of $77 billion — paid $232 million to bond the property in West Madison. The 45-storey building houses no less than 492 apartments. According to ‘The Real Deal’, it is the tallest building in Chicago, the largest city in the US state of Illinois.
Photo: 727 West Madison
His portfolio of historic American properties is growing all the time. In addition to his new acquisition, the Spaniard already owns the headquarters of Meta Platforms Inc. Seattle and the aforementioned Hawkwood Building in Manhattan.
Asking how the market is going?
Zara founder (and Colliers client 😉) family office Pontegadea is buying a 45-storey, 492-unit luxury tower.
727 West Avenue in Chicago:
$232,000,000 (or $470,000/al)
Meanwhile, some Toronto owners of 50-year-old apartment buildings still… pic.twitter.com/LbthOsFRGH
– Jeremiah Shames | Toronto Land & Building Sales (@JShamess) August 21, 2023
Real estate portfolio € 18.1 billion
Amancio Ortega is the founder of fashion chain Zara. But not only that. He is also the head of brands such as Pull & Bear, Bershka, Oysho, Masimo Dutti and Stradivarius. He operates under the name Ortega Inditex, founded in 1975, and is the world’s second-richest retailer after Bernard Arnold.
He owes his fortune to a majority interest in Inditex Group, the parent of affordable fashion brand Zara. According to Forbes, Ortega’s net worth is $77 billion. In 2015, he was even seen as the richest man in the world for a while.
While most of his wealth comes from the fashion industry, he is by no means a small player in the real estate industry. His real estate portfolio was valued at €18.1 billion last year, including a property in Venlo worth €105 million. Also, he has another connection with the Netherlands. For example, his Dutch superyacht – built by Fetship – is for sale: 7 million euros cheaper than the beginning.