Zara founder drops $110M on California logistics center

Amancio Ortega, the billionaire founder of the Zara clothing chain, continues to expand his empire in the United States, this time by acquiring a new logistics center in California.

Ortega’s family office, Pontegadea, paid $109 million to purchase the center in Inland Empire, a strategic logistics hub about 60 miles east of Los Angeles, Bloomberg reported. 

The facility, previously owned by LBA Realty, currently serves as a warehouse for retail giant Walmart Inc.

This move follows Pontegadea’s entrance into the U.S. logistics sector last year, when the company invested $900 million across the country. It also aligns with Ortega’s recent expansion efforts, including the purchase of a European warehouse in the Netherlands valued at $115.2 million just last month.

Pontegadea Inversiones SL, Ortega’s investment vehicle, has been actively acquiring landmark properties worldwide for over two decades. From the headquarters of Meta Platforms Inc. in Seattle to a leased office building in Toronto occupied by the Royal Bank of Canada, the firm has invested billions of dollars in prestigious real estate assets.

Ortega’s real estate portfolio stands as the largest among Europe’s wealthiest individuals, with an estimated value of over $17 billion as of 2021. As the billionaire continues to expand his network of warehouses and diversify his investments, his influence in the global real estate market remains prominent.

Pontegadea has recently diversified its portfolio with investments in luxury apartments.

In December, Pontegadea bought the Kiara skyscraper at 111 Terry Avenue North in Seattle for $323 million, Bloomberg reported.

It was the second foray in the luxury multifamily market for Ortega’s family office, which in June purchased 19 Dutch Street, a 64-story tower in New York, for nearly $500 million.

Pontegadea has amassed a portfolio of office and retail properties, particularly in South Florida, though it also owns an office building in Seattle where Amazon is a tenant.

The company also holds stakes in energy and telecoms infrastructure businesses. Other noteworthy acquisitions this year include a residential building in Dublin and former BBC offices in London.

— Ted Glanzer