Spanish businessman and founder of fast fashion chain Zara, Amancio Ortega, has bought a five floor office building in central London.
The 1920s property is located on 33 Foley Street near Oxford Circus, in London’s trendy Fitzrovia area.
The 4,000 m2 property was acquired by Ortega’s family office Pontegadea Inversiones from the Abrdn fund (formerly Standard Life Aberdeen) for around £82 mln (€93 mln), which in turn bought it for £70 mln (€79.5 mln) in 2017.
The former owner leased it to for 25 years to the Kier Group in 2018, with inflation linked rent review.
Originally built as a printing works, it was later used by UK public broadcaster BBC before being redeveloped into prime Grade A office space.
Savills advised the seller during the transaction, one of the largest in London in recent months.
The latest deal comes after Ortega's €100 mln purchase last month of a luxury residential building with 120 rental apartments in Dublin, Ireland.
As part of its strategy to invest in multiple real estate assets, Pontegadea has also purchased luxury residential and office buildings in the US and Canada.
