By
Bloomberg
Published
September 10, 2024
Amancio Ortega, the billionaire founder of Spain's Zara, has acquired logistics assets in Italy for 327 million euros ($361 million).
The purchase, which includes locations in Milan and Rome, follows a series of similar deals made by Ortega's investment vehicle, Pontegadea Inversiones SL, a company spokesperson said, confirming an earlier report by Green Street News.
Pontegadea acquired a Dublin logistics center used by companies including Amazon.com Inc. late last year, and this year it bought a warehouse in the Netherlands used by fashion retailer Primark Stores Ltd.
The deal comes at a time of slowdown in Italy's industrial and logistics real estate sector, which recorded investments of 180 million euros in the second quarter, down 26% year-on-year, according to a CBRE report.
Pontegadea began buying logistics assets in 2022, spending nearly $1 billion on warehouses in U.S. states including California, Texas and Pennsylvania.
