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Zara owner to buy Primark's building in London

Sharecast

LONDON (ShareCast) - Amancio Ortega, Zara's founder and owner, has reached an agreement to acquire the building hosting Primark's shop in Oxford Street from property companies Land Securities (LSE: LAND.L - news) and Frogmore. The sale was valued at £400m (€552m) and was made through Ortega's investment company Pontegadea, as reported by The Sunday Times.

This move comes three months after Inditex (Berlin: IXD1.BE - news) 's main stakeholder, Ortega - Spain's richest man and fourth wealthiest in the world according to Forbes magazine- acquired RioTinto's heaquarters located in St James' for £225m (€311m). It is also part of his expansion strategy through the City: in 2013 he bought Devonshire House's acquisition valued at £400m (€552m), in 2011 an office building in Oxford Street valued at £220m (€304m), and in 2006 he acquired 100 Wood Street's building worth £140m (€193m).

Estates Gazette pointed out that Zara's founder is the UK's number one property investor.