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Inditex founder Amancio Ortega buys Toronto skyscaper for $916 million -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The logo of Royal Bank of Canada can be seen at Bay Street, Toronto’s financial district. January 22, 2015. REUTERS/Mark Blinch/File Photograph

MADRID (Reuters), a Spanish billionaire and Zara founder Amancio Ortega agreed to acquire a Canadian landmark skyscraper in exchange for approximately 800 million euros (916.88 millions), according to his personal office.

Pontegadea is the family office and main shareholder in the fashion group Inditex (MC): Thursday’s confirmation of the transaction to acquire Toronto’s Royal Bank Plaza. This was originally reported in Canada Bloomberg News.

RBC Capital Markets was hired by the Canada Pension Plan Investment Board and Oxford Properties Group to investigate a sale of their business last September.

This landmark is located in Toronto’s Financial District and houses top banks, law firms and tech companies. The 1.5 million-square foot complex spans two towers.

Oxford Properties has not yet responded to my request for comment.

Pontegadea has been investing in real estate and textile distribution. Recently, Pontegadea became the largest private investor of Spain’s electricity grid operator Red Electrica. With a 5% stake and also bought 49% in a Spanish energy group Repsol (OTC).

($1 = 0.8725 euros)

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