The founder and first shareholder of Inditex, Amancio Ortega, through his investment company Pontegadea, continues his real estate investments in Canada after purchasing an office building in Vancouver, rented to Amazon, for an amount of 1.1 billion Canadian dollars (680 million euros), as reported to Europa Press by sources close to the operation.
Specifically, the operation, reported by Green Street News, is one of the largest carried out in Canada, where Ortega already owns five assets, one of which is the Royal Bank Plaza skyscraper in Toronto – home of the Royal Bank, the main Canadian financial institution, which he acquired in 2022 for around 840 million euros.
The latest building to join Pontegadea’s portfolio in Canada is the so-called “The Post”, previously owned by QuadReal Property Group and located in downtown Vancouver. It is a complex of towers, one with 22 floors and the other with 19.
In addition to Amazon, the building is home to other tenants such as Loblaws City Market, Oakberry and Starbucks.
The purchase of this property by Ortega comes after acquiring a logistics center rented to Amazon after the summer in the United Kingdom for an amount of 81 million pounds (92 million euros).
Previously, the founder of Inditex had closed the acquisition of the Sabadell Financial Center, the property where the offices of Banco Sabadell are located in the United States, for 274.4 million dollars (approximately 236 million euros).
The purchases in the United Kingdom, Miami and Vancouver (Canada) add to the recent acquisition of a hotel in Paris for 97 million euros from the Spanish chain Derby Hoteles. The hotel is located in a historic building in the center of the French capital, and was acquired by Derby Hotels in 2007 for 75 million euros.
At the beginning of September it also acquired the four-star Avani Museum Quarter Amsterdam hotel from Minor, formerly NH Hoteles, for a value of 85 million euros.
Additionally, Ortega’s investment vehicle recently closed the purchase of an office building in Barcelona, where Grupo Planeta’s headquarters are located, from Blackstone for $284 million (250 million euros), which would make it Ortega’s largest acquisition in Spain since the purchase of the Foster Tower in Madrid in 2016 for $490 million.
Pontegadea has a business model that is based on the acquisition and management of non-residential properties – mainly offices – located mainly in the centers of the main cities of the world.
In addition to offices, the Inditex founder owns hotels, logistics warehouses, residential complexes or shopping centers, among other properties, spread across countries such as Spain, the United States, France, Canada and Korea.
The founder of Inditex, who controls 59.294% of the company, equivalent to a package of 1,848 million shares, invests part of the dividends he receives from Inditex in the real estate sector.
Specifically, Ortega received 3,104 million euros in dividends from the company this year, compared to the 2,845 million euros he received for this concept last year, when his remuneration increased by 28%.
The founder of Inditex thus owns the largest Spanish real estate company, focused on the purchase and management of large buildings, with a portfolio of real estate assets mainly composed of office and non-residential buildings, located in the centers of large cities in Spain, the United Kingdom, the United States and Asia.
