Zara’s Billionaire Owner Becomes California Landlord to Walmart

Amancio Ortega, the billionaire founder of the Zara clothing chain, is expanding his network of warehouses in the U.S. with the acquisition of a new logistics center in California.

Ortega’s family office has paid $109 million to acquire the center in Inland Empire, a logistics hub some 60 miles east of Los Angeles, from LBA Realty LLC, according to a company spokesperson, who confirmed details published earlier by the Commercial Observer. The warehouse is used by Walmart Inc. 

The deal comes on the back of Ortega’s investment vehicle, Pontegadea Inversiones SL, making a $900 million foray into U.S. logistics last year, which marked its entrance into the sector. Ortega acquired his first European warehouse in the Netherlands last month, in a deal valued at €105 million ($115.2 million).

Over the past two decades, Pontegadea has spent billions of euros on landmark properties around the world, from Meta Platforms Inc.’ headquarters in Seattle, to an office building leased by Royal Bank of Canada in Toronto.

More recently, the firm has been investing in luxury apartments in cities including Dublin and New York. It also owns stakes in energy and telecoms infrastructure businesses. Acquisitions in 2023 include a residential building in Dublin and former BBC offices in London.

Ortega’s real estate portfolio is the largest among Europe’s super-rich individuals. It was valued at €15.3 billion as of 2021, the most recent data available.

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• Source: https://www.supplychainbrain.com/articles/37879-zaras-billionaire-owner-becomes-california-landlord-to-walmart