Zara boss snaps up Madrid skyscraper for €490 million

The Cepsa Tower, furthest right, is one of four iconic skyscrapers that have shaped Madrid’s modern skyline.

Europe’s richest man Amancio Ortega knows a thing or two about smart investments. The founder of global fashion group Inditex, which owns the brand Zara, has long been one of the wealthiest individuals in the world thanks to his business savvy and eye for a good deal…

So it was with interest that the Spanish real estate industry watched the news that Ortega has just paid €490 million for one of Madrid’s most iconic skyscrapers.

Known as the Cepsa Tower, and one of four towers that dominate the skyline across the northern part of Madrid, the building had previously been owned by Abu Dhabi oil sheikh Khadem al-Qubaisi.

Ortega decided to add the tower to his growing property portfolio after arranging for his holding company Pontegadea Inmobiliaria to exercise a last-minute purchase option via Spanish lender Bankia.

The sleek building adds to Ortega’s growing selection of real estate located in enviable locations, including buildings on Oxford Street and Mayfair in London, as well as prime spots in Seoul and New York.

Rather cannily, the tycoon rents out some of his properties to rival fashion chain H&M, although just what he has in mind for this latest venture remains to be seen.

The Cuatro Torres complex in downtown Madrid is a mixture of hotels, office and retail space, and private residences, but tenants can rest assured that, with Ortega as their landlord, they are in more than capable hands.