Spanish billionaire and Zara founder Amancio Ortega has agreed to buy an iconic Canadian skyscraper for some 800 million euros ($916.88 million), according to his private office.
Pontegadea, the family office of the main shareholder of fashion group Inditex, confirmed the deal to buy Toronto’s Royal Bank Plaza, first reported by Bloomberg News in Canada.
The current owners, Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB), engaged RBC Capital Markets to explore a possible sale last September.
A landmark in Toronto’s financial district, this downtown office complex is home to major banks, law firms and technology companies.
Oxford Properties did not immediately respond to a request for comment.
Pontegadea has focused on investing in real estate assets and textile distribution, but has recently become the largest private investor in Spanish electricity operator Red Eléctrica, with a 5% stake, and has also acquired a 49% stake. in a wind farm operated by the Spanish energy group Repsol.
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