Inditex' Ortega buys properties on London's Oxford S treet for over £400m
Armancio Ortega, owner of the Inditex fashion empire that holds brands like Zara and Massimo Dutti, has acquired a development on London's Oxford Street. The Sunday Times understands that Ortega, the richest man in Spain, paid more than £400m for the properties.
Ortega bought the properties from Land Securities and Frogmore and is believed to have paid in cash. The area, on the east end of Oxford Street, has seen a revival in the past few years, due to the construction of the Crossrail.
The deal is understood to include Primark’s flagship store, as well as an extension to Primark and three other retail units. Ortega also invested in London property earlier this year when he paid £225m for Rio Tinto’s St James’s headquarters.
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