Inditex founder Amancio Ortega buys US warehouses for $905m

The transaction follows the purchase in recent months of two other distribution centers in Wisconsin and Pennsylvania for $35 million and $148 million respectively, the company added.

Spanish newspaper El Pais, which reported on the transaction earlier on Tuesday, said the assets are strategically located and leased with long-term leases from blue chip companies such as Amazon, FedEx, TJX, Home Depot and Nestl.

Pontegadea, which has invested most of its fortune in real estate assets such as skyscrapers and office buildings around the world, said it was now looking for highly profitable assets with medium and long-term leases with strong tenants and these warehouses tick all the boxes.

Warehouse providers have become a crucial part of global supply chains with the boom in e-commerce, while demand for commercial real estate has declined.

Earlier this year, Ortega’s investment firm acquired a 64-story skyscraper in New York’s financial district and the iconic Canadian building of Toronto’s Royal Bank Plaza.

The main shareholder and founder of the fashion distribution glove group Inditex, Ortega is one of the 30 richest entrepreneurs in the world. It has also recently invested in Spain’s energy infrastructure.

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