Amancio Ortega, Europe's richest man and founder of global fashion group and Zara owner Inditex, has bought one of Madrid's most famous skyscrapers for $551 million through his property investment arm, a source said.
The purchase marks another step in the famously-reclusive billionaire's strategy to build a property empire through Pontegadea Inmobiliaria, one of the biggest property companies in Spain, and his holding company Pontegadea Inversiones.
The source said that Pontegadea Inmobiliaria had bought the tower from Abu Dhabi tycoon Khadem al-Qubaisi, whose fund had exercised a last-minute purchase option from Spanish lender Bankia, its previous owner.
Pontegadea Inmobiliaria declined to comment on the reported purchase of the tower - known as "Cepsa Tower" after the oil refiner Cepsa that leases it - which along with three others dominates the skyline of Madrid's northern district.
The purchase marks another step in the famously-reclusive billionaire's strategy to build a property empire through Pontegadea Inmobiliaria, one of the biggest property companies in Spain, and his holding company Pontegadea Inversiones.
The source said that Pontegadea Inmobiliaria had bought the tower from Abu Dhabi tycoon Khadem al-Qubaisi, whose fund had exercised a last-minute purchase option from Spanish lender Bankia, its previous owner.
Pontegadea Inmobiliaria declined to comment on the reported purchase of the tower - known as "Cepsa Tower" after the oil refiner Cepsa that leases it - which along with three others dominates the skyline of Madrid's northern district.