Zara founder Amancio Ortega's investment firm, Pontegadea, has acquired five logistics centers from Realty Income Corp. for $722M, in a deal first reported by the Spanish daily El Pais.
The industrial properties are located in Tennessee, South Carolina, Virginia, Pennsylvania and Texas. The properties have long-term leases with global players including Amazon, Nestle and FedEx.
Ortega has a 59% ownership stake of Inditex SA, the world's largest apparel retailer, which owns the fashion chain Zara and several other brands. He reportedly is the richest person in Spain, with a net worth estimated at $46.8B by the Bloomberg Billionaires Index.
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