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Why the owner of Zara buys offices in the midst of a pandemic when no one else does

Nowadays It is not usual to hear that a company can invest millions of dollars in offices, much less in today’s context with a pandemic through which he took everything to virtuality.

Amancio Ortega, a Spanish businessman who founded the textile company Inditex and one of the best-known clothing brands worldwide – Zara – showed that continues betting (on large scales) for spaces to work.

Businessman bought one of the most famous skyscrapers in Canada, the Royal Bank Plaza in Toronto, for almost 920 million dollars and it was carried out through his real estate firm Pontegadea.

In this way, he formalized the purchase of the property and now two enormous office buildings belong to him. As its name indicates, it has a headquarters of the Royal Bank, which is the main banking entity in Canada.

The skyscraper that costs more than 900 million

This property was built at the end of the 70s, that is, it is less than 50 years old, it is made up ofr two skyscrapers where the tallest reaches 180 meters high (40 floors in total).

Its location is one of the best for any business person since is located in the heart of Toronto’s financial district. For this reason and for its majestic details in gold that it has on its exterior, it was baptized as “the golden building”.

As reported by the Bloomberg agency, it was put up for sale last year and they met the main objective of obtaining more than 900 million dollars in exchange.

The history of the entrepreneur in the real estate world

Under Pontegadea, the family office that manages Ortega’s investments, other millionaire purchases were registered in Canada.

In 2016, it made a purchase of a predominant building Located on the main shopping streets of Montreal, this it cost approximately €29 million.

The chronicler



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