Pontegadia, the investment arm of Amancio Ortega, founder and majority shareholder of Inditex Group, has bought an office building in Glasgow for £200 million (about €237 million). This is the largest operation for these properties so far carried out in Scotland (UK), according to Real Estate Broker React Newswhich led to the progress of the acquisition process.
The building, located at 177 Bothwell Street, in the Scottish municipality, was one of HFD Group’s largest projects. It is a newly constructed building (opened last summer), with an area of 30 thousand square meters, which houses many multinational companies, such as BNP Paribas, CBRE and Virgin Money. It consists of 13 floors through which a large proportion of the natural light is filtered thanks to its glass walls.
It was CBRE that advised Pontegadea on this purchase, once again showing its interest in the UK, where it has worked through its British subsidiary since Brexit. It adds investments of more than 3000 million euros in this country. In Glasgow, he owns two other hotels, but the bulk of the portfolio is concentrated in London. Almost a year ago, it acquired the building that houses the headquarters of investment fund Cinven Partners, and other companies, in one of the most sought-after areas of the British capital, in St James’ Square, for £190m. In an area with luxury hotels like the Ritz, he owns another property.
One of the most emblematic buildings is the Post Building, with an area of 30,000 square metres, Pontegadia paid 700 million at the end of 2019. Located near Oxford Street, it was so named because it was formerly an office of the British Postal Service. Now half of the property is occupied by the consulting firm McKinsey. Ortega’s London portfolio also highlights the Adelphi Building, which it bought from Blackstone for around £600m in 2018, and the headquarters of multinational mining company Rio Tinto, for around £265m.
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