Zara Boss Buys Madrid Skyscraper for €490 million

Zara Boss Buys Madrid Skyscraper for €490 million

Zara is the flagship brand, and supremely profitable

One of the most iconic skyscrapers making up the modern skyline of Madrid is the Cespa Tower. The richest man in Europe, Amancia Ortega knows something about making smart investments. Ortega founded the global fashion group Inditex, the company behind the shopping brand Zara, and he became the richest man in Europe through his business sense and ability to find a great deal.

This week the Spanish real estate sector saw him scoop up another good deal as he got his hands on the Cespa Tower for €490 million.

The Cespa Tower is one of the four towers that make up the Madrid skyline. Before Ortega bought it the skyscraper used to belong to Khadem al-Qubasi; an oil tycoon from Abu Dhabi.

Ortega has been growing his property portfolio and added the Cespa Tower to it after making arrangements for holding company Pontegadea Immobiliaria to make the purchase through Spanish lender Bankia.

The Cespa Tower is just the latest building in Ortega’s portfolio of impressive real estate in impressive locations. Ortega also owns property on Oxford Street and Mayfair in London, along with prime real estate in Seoul and New York.

Ortega is quite sly in that he actually rents out some of his properties to one of his rivals in H&M. Currently no one knows for sure what he plans to do with the Cespa tower.

The Cuatro Torres complex located in downtown Madrid is made up of a myriad of hotels, office and retail space, along with some private residences. There’s no need for any rental tenants to be worried though. They’re clearly in good hands with a landlord like Ortega.