Zara Founder Buys Italy Logistics Facility for €327 Million

11 Sep, 2024

Zara Founder Buys Italy Logistics Facility for €327 Million

Amancio Ortega, billionaire founder of Zara, has acquired logistics assets in Italy for €327 million ($361 million). The acquisition includes properties in Milan and Rome, and continues Ortega’s strategy of expanding his real estate portfolio through Pontegadea Inversiones SL. This follows previous deals, such as the purchase of a logistics center in Dublin used by Amazon, and a warehouse in the Netherlands utilized by Primark.

Ortega's Pontegadea investment vehicle has been actively acquiring logistics properties since 2022, including nearly $1 billion worth of warehouses across the U.S. in states like California, Texas, and Pennsylvania. The latest Italian purchase occurs during a period of slowdown in Italy's logistics and industrial real estate market.

According to CBRE, the sector experienced a 26% decline in investments year-on-year in the second quarter of 2023, reaching €180 million. Despite this retrenchment, Ortega continues to see value in logistics real estate, particularly as the demand for e-commerce and distribution centers remains strong across Europe. His acquisitions reflect a broader trend of high-profile investors entering the logistics space, seeking opportunities in key global markets.