Zara founder buys Amazon logistics centre in Dublin for $245 million

Amancio Ortega, the Spanish billionaire and founder of Zara, has made an investment through his firm, Pontegadea, by acquiring a Dublin-based logistics centre primarily utilised by Amazon. 

The transaction, valued at 225 million euros ($244.98 million), marks Pontegadea's inaugural venture into logistics real estate in Ireland. This acquisition follows Pontegadea's purchase of a high-end residential building in Dublin, featuring 120 rental apartments, for approximately 100 million euros in March.

This move into Dublin's logistics sector parallels Pontegadea's 2019 acquisition of two office blocks in Seattle leased to Amazon, marking a substantial deal for the Spanish firm in the United States at that time.

The recently acquired property, spanning 1.2 million square feet (111,484 square metres) in Baldonnell Business Park, was purchased from property developer Mountpark. 

Approximately 630,000 square feet of the facility is currently occupied by Amazon, as reported by The Irish Times, which initially covered the deal.

Pontegadea's investment strategy involves diversifying its portfolio with interests in logistics centres, luxury real estate, and renewable energy projects. 

The acquisition aligns with the family investment vehicle's approach to investing in a variety of real estate assets. 

Notably, the Ortega family, through Pontegadea, received a substantial dividend of 2.2 billion euros from Inditex earlier this year.

(With Reuters Inputs)