Pontegadea, the investment arm of Amancio Ortega, founder and majority shareholder of the Inditex group, has bought an office building in Glasgow for 200 million pounds (about 237 million euros). This is the largest operation of its kind carried out to date in Scotland (United Kingdom), according to the medium specializing in real estate issues React Newswhich advanced the acquisition.
The building, located at number 177 Bothwell Street, in the Scottish municipality, is one of the largest projects of the promoter group HFD Group. It is a new building that is just being built, with 30,000 square meters of surface, and it is planned to house several multinationals, such as BNP Paribas and Virgin Money. It has 13 floors, through which a large percentage of natural light is filtered thanks to its glass walls.
It has been CBRE who has advised Pontegadea for this purchase, which once again shows its interest in the United Kingdom, where it has operated through its British subsidiary since Brexit materialized. It adds investments of more than 3,000 million euros in this country. In Glasgow he owns two other properties, but the bulk of the portfolio is concentrated in London. Almost a year ago, it acquired the building that houses the headquarters of the investment fund Cinven Partners, and other firms, in one of the most sought-after areas of the British capital, in Saint James Square, for 190 million pounds. In the area, which is characterized by the presence of luxury hotels such as the Ritz, he owns another property.
One of the most emblematic buildings is The Post Building, 30,000 square meters, for which Pontegadea paid 700 million at the end of 2019. Located in the vicinity of Oxford Street, it is so called because it was previously an office of the British postal service. Now half of the property is occupied by the consulting firm McKinsey. Ortega’s London portfolio also highlights the Adelphi building, which he bought from Blackstone for about 600 million pounds in 2018, and the headquarters of the mining multinational Rio Tinto, for about 265 million pounds sterling.
He knows in depth all the sides of the coin.