Spain’s richest man, Amancio Ortega, has his fashion fortune to preserve his sizable wealth, investing more than $3bn in US real estate.Bloomberg reported that the founder and owner of fashion label Zara, invested €2.1bn in real estate last year through various subsidiaries of his holding company, Pontegadea, according to an emailed statement.
The Spanish billionaire’s property holdings have soared to €15.2bn, according to his firm, giving him the largest real estate portfolio among europe’s super-rich.
Pontegadea, which owns 59.3 per cent of Zara parent, Inditex SA, had a net income of €1.8bn for 2019, including €1.64bn in Inditex dividends and €621m from real estate assets.
Acquisitions include landmark properties like Manhattan’s historic Haughwout Building and Miami’s tallest office tower.
Last year, his investment firm completed a $72.5m deal for a downtown Chicago hotel, which followed purchases of a building in Washington’s central business district and two Seattle office buildings.
As well as being landlord to tech giants such as Amazon.com and Facebook, Pontegadea also counts Inditex rivals Hennes & Mauritz AB and The Gap Inc as tenants.
Ortega has a net worth of $58.5bn, according to the Bloomberg Billionaires Index, the bulk of which comes from his majority stake in Inditex.
His fortune has slumped more than a fifth this year in the wake of the COVID-19 pandemic, which has forced Inditex to close stores. The company’s shares have fallen 22 per cent this year.