Zara chief is landlord to rivals

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INDITEX owner Amancio Ortega has bought another prime property, this time in Madrid’s Gran Via.

The world’s fourth-richest man now owns the building in Spain’s equivalent of Oxford Street where Mango and H&M already have premises.

Primark has its Spanish flagship store there and Inditex itself, under its Lefties label, is also present in the 36,376-square metre, nine-storey building that is also the headquarters of the SER radio network.

It was sold by the Longshore group which is headed by Drago Capital and includes Phoenix and Sun Capital.  Neither seller nor purchaser has revealed how much money changed hands in the deal.

The Gran Via purchase is in line with other investments made by Inditex’s investment division Pontegadea which acquired 6, St James’s Square in London last month, paying a reputed €335 million for the 11,000-square metre property.

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