Inditex founder Amancio Ortega is reportedly closing in on the acquisition of a 拢450 mln (鈧�550 mln) chunk of Oxford Street in London鈥檚 West End.
Inditex founder Amancio Ortega is reportedly closing in on the acquisition of a 拢450 mln (鈧�550 mln) chunk of Oxford Street in London鈥檚 West End.
According to a news report by the Sunday Times, Amancio Ortega, Spain鈥檚 richest man, has agreed a deal with UK REIT Land Securities and Frogmore to buy the developers鈥� Oriana scheme through his investment company Pontegadea.
The investment volume has been put at 拢400-450 mln.
The deal involves Primark鈥檚 149,000 sq ft (13,900 m2) flagship store as well as a 76,500 sq ft extension which is currently being added to create a mixed-use, retail-led complex.
Earlier this year Ortega paid 鈧�400 mln through his investment company Pontegadea to acquire the base for a Primark megastore in Madrid.
Designed by architect Teodoro de Anasagasti, the building dates back to the early 1920s and offers a total of 36,400 m2 of office and retail space. The nine-storey, mixed-use complex is due to house a new megastore for Primark - the Irish retailer's first in Spain comprising 9,000 m2. Other tenants include H&M, Mango and Lefties.
Ortega is the founder of Spain's Inditex fashion group, known internationally for retail chains such as Zara, Pull and Bear, and Massimo Dutti.
