Amancio Ortega Buys A Luxury Apartment Tower In Chicago For More Than 200 Million

Amancio Ortega, founder and first shareholder of Inditex, has resumed his real estate investments in the United States with the purchase of a luxury apartment tower in Chicago for 232 million dollars, some 212 million euros, according to knowledgeable sources confirmed to Europa Press. of the operation.

Ortega acquires the property from Ares Management and F&F Realty through Pontegadea, his real estate investment company. The tower, built in 2019, has 492 apartments spread over 45 floors, according to reports The Real Dealwhich has advanced the operation.

The newspaper Chicago Business it says the price is the highest paid for a downtown Chicago apartment block since before the pandemic. The building has a terrace, swimming pool, gym, leisure areas, private party rooms and 24-hour reception, among others.

The tower was built in 2019 and consists of 45 floors

View of the exterior of the building

727westmadison

With this acquisition, Pontegadea continues with its real estate investments in the US after buying the Kiara Tower, a skyscraper with 461 luxury apartments in Seattle, at the end of last year, for around 305 million euros. Shortly before, in October 2022, Ortega took over another luxury apartment skyscraper in New York for around 500 million euros.

It also recently bought, in July, an automated Walmart logistics center for 98.9 million euros in California. A year earlier, he acquired his first logistics asset, a FedEx platform in Wisconsin, for around 35 million euros. The second was a distribution center in Philadelphia for about 147 million euros.

Interior of a room in the building

727westmadison

Detail of the interior of the tower acquired by Amancio Ortega — Pool area and terrace

727westmadison

read also

Fernando H. Valls

The businessman Amancio Ortega during the first day of the A Coruña International Jumping Contest, which is held at the Casas Novas Equestrian Center of the A Coruña council of Arteixo

Pontegadea is currently the largest Spanish real estate company and is focused on the purchase and management of large buildings, with a portfolio of real estate assets made up of non-residential office buildings located in the centers of large cities in Spain, the United Kingdom, the United States and Asia.

Ortega’s real estate assets accumulated a value of 18,156 million euros at the end of last year. Pontegadea earned 2,092 million last year after closing the year with a turnover of 2,557 million, which represents an increase of 30% compared to 2021.