Zara founder Ortega buys Barcelona office building for $283 million, sources say
Zara founder Amancio Ortega has bought an office building in Barcelona from Blackstone for €250 million ($283 million), two sources familiar with the transaction said on Friday.
The sources said Blackstone sold the 28,000-square-meter building on Avenida Diagonal—currently rented by the Spanish editorial business Planeta—to Ortega's investment vehicle Pontegadea.
Pontegadea and Blackstone did not comment on the agreement.
Pontegadea, which owns more than $20 billion in real estate assets, has invested in several office towers and luxury buildings across Europe and North America. It has also diversified its portfolio by buying energy and logistics assets.
Ortega controls 59.29% of Zara-owner Inditex through Pontegadea Inversiones and Partler Participaciones.
($1 = €0.8826)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
a day ago
- Fashion Network
Craft and innovation meet in Loewe's 2025 Prize for Japanese artist Kunimasa Aoki
Spanish luxury brand Loewe has announced the winner of its annual contemporary art and craft award. For the 2025 edition of its Craft Prize, Loewe—through its foundation established by the founding family—has honored Japanese artist Kunimasa Aoki for his work 'Realm of Living Things 19.' . Created in 2024, the award-winning piece earned Aoki a €50,000 prize. The sculpture was crafted using anamorphic terracotta and various innovative force-application techniques. It underwent a smoking process and was finished with decorative earth-based materials and pencil markings. The work was recognized for its artistic merit, technical complexity, and innovation, particularly in its interpretation of traditional coiling methods. Aoki was selected from a pool of 30 finalists by a jury of 12 professionals from the worlds of design, architecture, journalism, criticism, and museum curation. Notable jurors included essayist and architect Frida Escobedo, architect and industrial designer Patricia Urquiola, architect Wang Shu, and Olivier Gabet, director of the decorative arts department at the Louvre Museum. In addition to the main prize, the jury also honored Nigerian designer Nifemi Marcus-Bello for his work TM Bench with Bowl, crafted from recycled aluminum and inspired by globalization and power dynamics. Indian studio Sumakshi Singh was also recognized for Monument, a life-size reinterpretation of a 12th-century Delhi colonnade created with copper zari. 'As we celebrate the eighth edition of the prize, I am amazed by the incredible display of ingenuity, beauty, and craftsmanship shown by the finalists. To me, the magic of the prize lies in witnessing the ability of craft to surprise, innovate, and evolve year after year. It is an honor to see how the prize helps keep the craft alive and relevant,' said Sheila Loewe, president of the Loewe Foundation. All finalist works from the latest edition of the international competition—launched by the Loewe Foundation in 2016 in tribute to the house's roots as an artisanal workshop—will be on display from May 30 to June 29 at the Museo Nacional Thyssen-Bornemisza in Madrid. A digital exhibition of the entries will also be available online for public viewing. Founded in 1846 in Madrid, Loewe is a globally renowned luxury house, owned by French conglomerate LVMH, known for its craftsmanship and original creations. In March, Loewe's creative direction was handed over to design duo Jack McCollough and Lázaro Hernández of Proenza Schouler, following the departure of Northern Irish designer Jonathan Anderson. Anderson stepped down to take on the role of menswear design director at Dior, another house within French businessman Bernard Arnault 's luxury portfolio.
Fashion Network
a day ago
- Fashion Network
Zara founder Ortega buys Barcelona office building for $283 million, sources say
Zara founder Amancio Ortega has bought an office building in Barcelona from Blackstone for €250 million ($283 million), two sources familiar with the transaction said on Friday. The sources said Blackstone sold the 28,000-square-meter building on Avenida Diagonal—currently rented by the Spanish editorial business Planeta—to Ortega's investment vehicle Pontegadea. Pontegadea and Blackstone did not comment on the agreement. Pontegadea, which owns more than $20 billion in real estate assets, has invested in several office towers and luxury buildings across Europe and North America. It has also diversified its portfolio by buying energy and logistics assets. Ortega controls 59.29% of Zara-owner Inditex through Pontegadea Inversiones and Partler Participaciones. ($1 = €0.8826)
Fashion Network
a day ago
- Fashion Network
Zara founder Ortega buys Barcelona office building for $283 million, sources say
Zara founder Amancio Ortega has bought an office building in Barcelona from Blackstone for €250 million ($283 million), two sources familiar with the transaction said on Friday. The sources said Blackstone sold the 28,000-square-meter building on Avenida Diagonal—currently rented by the Spanish editorial business Planeta—to Ortega's investment vehicle Pontegadea. Pontegadea and Blackstone did not comment on the agreement. Pontegadea, which owns more than $20 billion in real estate assets, has invested in several office towers and luxury buildings across Europe and North America. It has also diversified its portfolio by buying energy and logistics assets. Ortega controls 59.29% of Zara-owner Inditex through Pontegadea Inversiones and Partler Participaciones. ($1 = €0.8826)
