Zara founder Ortega buys Barcelona office building for $283 million, sources say

Zara founder Amancio Ortega has bought an office building in Barcelona from Blackstone for €250 million ($283 million), two sources familiar with the transaction said on Friday.

The sources said Blackstone sold the 28,000-square-meter building on Avenida Diagonal—currently rented by the Spanish editorial business Planeta—to Ortega’s investment vehicle Pontegadea.

Pontegadea and Blackstone did not comment on the agreement.

Pontegadea, which owns more than $20 billion in real estate assets, has invested in several office towers and luxury buildings across Europe and North America. It has also diversified its portfolio by buying energy and logistics assets.

Ortega controls 59.29% of Zara-owner Inditex through Pontegadea Inversiones and Partler Participaciones.

($1 = €0.8826)