Yahoo Finance Zara tycoon Amancio Ortega's property firm to ink big West End buy
London’s property market is set for a major boost this week despite political uncertainties, with the Spanish billionaire founder of fashion chain Zara set to agree a £600 million West End deal.
Pontegadea, retail tycoon Amancio Ortega’s real estate business, is about to buy The Post Building, a 320,000sq ft ex-Royal Mail sorting office between Tottenham Court Road and Holborn stations. The office and retail redevelopment is let to firms including McKinsey & Company.
The transaction is rumoured to be for around £600 million.
Property agent JLL is working with the sellers, Oxford Properties Group and Brockton Capital. Cushman & Wakefield is believed to be advising the buyer. All parties declined to comment.
Pontegadea, which owns a number of West End buildings, has long been attracted to long-term rental income.
One London property agent said: “London, despite Brexit and the election, is currently a top destination for overseas capital.”
Real estate website React News first reported in October that Pontegadea was negotiating a purchase. West End property sources said a deal is expected to complete this week.
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