Amancio Ortega, Europe’s richest man, plans to sell “The Q” commercial building on Berlin’s Friedrichstrasse luxury-shopping street for 300 million euros ($340 million), according to four people with knowledge of the deal.
JLL Inc. and CBRE Group Inc. have been chosen to manage the sale, said the people, who asked not to be identified because the process is private. Ortega’s real estate investment firm Pontegadea and Spanish bank Banif bought the property in 2007 for 275 million euros, according to Savills Plc.
A spokesman for Ortega, the Spanish billionaire who owns 59 percent of clothing retailer Inditex SA, declined to comment. A spokesman for Banco Santander SA, which owns Banif, didn’t immediately respond to a request for comment. Representatives for JLL and CBRE didn’t immediately respond to a request for comment.
Friedrichstrasse, almost leveled during World War II, was rebuilt into an upscale shopping street after the Berlin Wall fell in 1989. The Q has 50,000 square meters (538,000 square feet) of offices, shops and apartments.