Zara Billionaire Ortega to Buy Toronto’s Royal Bank Plaza
- Sale comes as Toronto commercial real estate begins to stir
- Deal continues Ortega’s pre-Covid North American buying spree
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Amancio Ortega, the billionaire behind the Zara clothing chain, has agreed to buy Toronto’s Royal Bank Plaza skyscraper from two Canadian pension funds for about C$1.2 billion ($961 million).
The sale of the iconic, gold-clad tower in the heart of Canada’s financial capital is among the biggest transactions for an office building globally since the start of the Covid-19 pandemic. The skyscraper is being sold by Oxford Properties, the real estate arm of Ontario’s pension fund for municipal workers, and Canada Pension Plan Investment Board.