Zara founder builds global real estate empire

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Spanish billionaire Amancio Ortega, the founder of clothing giant Zara, has built up a global real estate empire that includes offices used by Facebook and Amazon in Seattle and large swathes of London’s Oxford Street.

Diversifying his fashion fortune to preserve his sizeable wealth, the value of the real estate portfolio owned by Ortega’s investment holding Pontegadea Inversiones stood at around 10 billion euros ($11 billion) at the end of last year.

Pontegadea collects almost all of the dividends which Ortega earns — 1.6 billion euros in 2019 — and then re-invests the money in real estate, a spokesman for the holding firm said.

Read the full article on Deccan Herald

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