Zara Billionaire Ortega Bets on Logistics With Philadelphia Investment
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Amancio Ortega, the billionaire founder of the Zara apparel chain, acquired a logistics center in Pennsylvania for $148 million as he continues to expand into new types of investments.
Ortega’s family office Pontegadea bought a 1 million square feet (94,000 square meter) center in Philadelphia from Realty Income, according to a Pontegadea official. The center, built in 2001, has been leased to U.S. retailer and logistics firm TJX Cos. Inc. for about two decades.