MADRIDSep 13 – Spanish billionaire and Zara founder Amancio Ortega is in talks to buy several warehouses in the United States leased by global firms including Amazon and FedEx for $905 million, Ortega’s family office in Pontegadea said on Tuesday.
The deal follows the purchase in recent months of two other distribution centers in Wisconsin and Pennsylvania for $35 million and $148 million, respectively, the company added.
The Spanish newspaper El País, which reported the operation early on Tuesday, said that the assets are strategically located and leased under long-term contracts to leading companies such as Amazon, FedEx, TJXHome Depot and Nestle.
Pontegadea, which has invested most of its assets in real estate assets such as skyscrapers and office buildings around the world, said it is now looking for highly profitable assets with medium- and long-term leases and strong tenants, and these warehouses tick all the boxes.
Storage providers have become a crucial part of global supply chains with the rise of e-commerce, while demand for commercial real estate has declined.
Earlier this year, Ortega’s investment firm acquired a 64-story skyscraper in New York’s financial district and Toronto’s iconic Royal Bank Plaza building.
The main shareholder and founder of the giant fashion retail group Inditex, Ortega is one of the 30 richest businessmen in the world. He has also recently invested in energy infrastructure in Spain.