Zara founder Ortega to buy $275 million Miami office tower
Ortega's family office, Pontegadea, is in advanced discussions to acquire the Sabadell Financial Center, located on Brickell Avenue, from KKR & Co. and Parkway, according to a spokesperson for the Spanish firm. The spokesperson confirmed earlier reports by real estate publication The Real Deal, adding that the deal has not yet been finalized.
If the transaction proceeds, it will mark Pontegadea's second major deal in Florida this year, following its purchase of an apartment building in Fort Lauderdale for approximately €165 million. The family office has also acquired properties in Barcelona and Paris this year. Last week, Pontegadea confirmed it had acquired Hotel Banke in the French capital.
Most of Pontegadea's income is derived from Ortega's 59% stake in Inditex SA, the Spanish clothing group that owns Zara and other brands, including Massimo Dutti. Pontegadea reinvests its dividends from Inditex primarily in real estate, but also in telecommunications and energy infrastructure.
The company generally targets high-end buildings in prime urban locations, primarily across Western Europe, Canada and the United States. Transactions are typically conducted in cash.
Inditex has a market valuation of €134 billion, and its headquarters are located in the northwestern Spanish city of A Coruña, where Ortega resides. His daughter, Marta Ortega, serves as chair of the company.
Ortega, 89, is set to receive €3.1 billion in dividends from Inditex this year.
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