(Bloomberg) -- Amancio Ortega, the billionaire founder of Inditex SA, has paid €100 million ($109 million) for a luxury apartment building in Dublin, his first deal in Ireland.
The building, called Opus, is located at number 6 of Hanover Quay, in the area of Grand Canal Dock, and houses 120 flats, according to a spokesman for Ortega’s family office Pontegadea Inversiones SA, who confirmed an earlier report by newspaper Cinco Días. The building was bought from Angelo Gordon and Carysfort Capital.
Opus is Pontegadea’s third investment in luxury flats and offers the latest example of the family office’s push to diversify from high-end commercial real estate and offices. It also underscores Pontegadea’s efforts to expand its geographical presence beyond eight countries where it already operates.
Pontegadea manages the dividends Ortega receives from his 59% stake in Zara owner Inditex, the world’s largest clothing chain. For tax and legal reasons, the family office needs to deploy all the cash within a calendar year, meaning it has to aggressively hunt for new investments. As part of this diversification push, the company poured about $720 million into US logistic centers in 2022.
Pontegadea’s properties were valued at €15.2 billion at the end of fiscal year 2021, the latest figure available.
The first apartment building bought by Pontegadea was 19 Dutch in New York, acquired last year.
(Updates with detail on luxury building acquisition in the final paragraph. A previous version of the story fixed a figure in the headline.)
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