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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
LeMonde
5 hours ago
- LeMonde
How North Korea infiltrates its IT experts into Western companies
When Iqlusion, an American cryptocurrency start-up, needed developers in 2021, it hired "Jun Kai" and "Sarawut Sanit." These two experts worked remotely, supposedly from Singapore. "I talked to them almost every day for a year. They did the work. And I was, frankly, pretty pleased," said Zaki Manian, co-founder of Iqlusion, in an interview with the specialist website Coindesk. Several months after they left, the company's founder received a message from the FBI: The cryptocurrency wallets used for their salary payments were linked to the North Korean regime. Iqlusion, like hundreds of other companies before it, unknowingly hired remote coders tasked with infiltrating businesses under a fake name and nationality, so they could earn salaries that were then almost entirely paid to the North Korean state. While this phenomenon is not new – the United Nations Security Council first mentioned it in 2019 – until recently, it primarily affected American companies. But over recent months, experts have observed "an increase in operations in Europe," according to a report from Mandiant published in April. Developers have recently been hired for French projects, John Hultquist, chief analyst at this Google subsidiary, told Le Monde in late 2024.
Fashion Network
6 hours ago
- Fashion Network
US-based Tatcha enters Spanish market via Sephora
Tatcha, a U.S. cosmetics firm inspired by Japanese beauty rituals, is finalizing its entry into the Spanish market. The brand will be available in the country from next August via Sephora. The products from the San Francisco-based brand will be available from August 22 in the Sephora app in Spain and from August 25 in the e-commerce and physical stores of the beauty retailer, owned by luxury giant, LVMH. Vicky Tsai founded Tatcha in San Francisco in. 2009. A year earlier, Tsai traveled to Kyoto and discovered classic Japanese beauty rituals, from which her brand's items take their essence. Her formulas are developed at the Tatcha Institute in Japan under the principles of using Japanese ingredients, scientific efficacy "aligned with the biology of the skin," as the firm details, and "sensorial" textures. Today, the cosmetics brand's products are sold in countries around the world through a selection of distributors. Some, such as its rice scrub, are real bestsellers that also benefit from viral reviews on social networks such as TikTok. Sephora will be the one to start marketing Tatcha in Spain. The chain of cosmetics and perfumery stores was founded in 1969 in Limoges, France, and has been part of the portfolio of luxury giant LVMH since 1997. The retailer operates more than 3,200 stores in 35 markets and employs some 56,000 people; among its latest moves in Spain is the opening last March of a store on Madrid's Goya street. The LVMH group does not detail Sephora's revenues, but, according to beauty industry analysts, the chain would have recorded sales of more than 14.35 billion euros in 2023. Sephora's management aims to reach 20 billion euros in the medium term.
Fashion Network
8 hours ago
- Fashion Network
US-based Tatcha enters Spanish market via Sephora
Tatcha, a U.S. cosmetics firm inspired by Japanese beauty rituals, is finalizing its entry into the Spanish market. The brand will be available in the country from next August via Sephora. The products from the San Francisco-based brand will be available from August 22 in the Sephora app in Spain and from August 25 in the e-commerce and physical stores of the beauty retailer, owned by luxury giant, LVMH. Vicky Tsai founded Tatcha in San Francisco in. 2009. A year earlier, Tsai traveled to Kyoto and discovered classic Japanese beauty rituals, from which her brand's items take their essence. Her formulas are developed at the Tatcha Institute in Japan under the principles of using Japanese ingredients, scientific efficacy "aligned with the biology of the skin," as the firm details, and "sensorial" textures. Today, the cosmetics brand's products are sold in countries around the world through a selection of distributors. Some, such as its rice scrub, are real bestsellers that also benefit from viral reviews on social networks such as TikTok. Sephora will be the one to start marketing Tatcha in Spain. The chain of cosmetics and perfumery stores was founded in 1969 in Limoges, France, and has been part of the portfolio of luxury giant LVMH since 1997. The retailer operates more than 3,200 stores in 35 markets and employs some 56,000 people; among its latest moves in Spain is the opening last March of a store on Madrid's Goya street. The LVMH group does not detail Sephora's revenues, but, according to beauty industry analysts, the chain would have recorded sales of more than 14.35 billion euros in 2023. Sephora's management aims to reach 20 billion euros in the medium term.
