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UK: Spain’s richest man Amancio Ortega has bought a BTR property in London’s West End through his real estate company Pontegadea.
Pontegadea UK bought 219 Baker Street from investor and developer Ridgeback Group for a reported £150 million. It is Pontegadea’s first UK rented residential asset.
The building comprises 86 BTR apartments, and the deal reflects a four per cent yield.
The Grade II-listed art deco building was built in 1932 as the headquarters of UK lender Abbey National (now Santander), before being converted to residential in 2004 and upgraded by Ridgeback, whose backers have included TPG Angelo Gordon and the Alberta Investment Management Corporation.
Until recently, Pontegadea limited its London investments to offices and retail, with its assets including The Post building on New Oxford Street. Last year, it bought an 850,000 square-foot Amazon warehouse near Liverpool for £81 million. Its UK real estate portfolio totals more than £2.7B.
In July, Pontegadea paid €800 million (£684 million) for the 484,000 square-foot Capital 8 office building in central Paris.
Ortega is the co-founder of Inditex founder, which includes brands such as Zara, Pull and Bear, and Massimo Dutti. According to Forbes he is the 10th richest person in the world, with a net worth of US$146.9 billion.
Highlights:
- Spain’s richest man Amancio Ortega has bought a BTR property in London’s West End through his real estate company Pontegadea
- Pontegadea UK bought 219 Baker Street from investor and developer Ridgeback Group for a reported £150 million
- The building comprises 86 BTR apartments, and the deal reflects a four per cent yield
- Ortega is the co-founder of Inditex founder, which includes brands such as Zara, Pull and Bear, and Massimo Dutti
- According to Forbes he is the 10th richest person in the world, with a net worth of US$146.9 billion
