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Amancio Ortega buys a luxury residential skyscraper in Seattle for 304 million

2022-12-15T13:48:02.510Z


It is the second major purchase of a residential building in the United States by the founder of Inditex


Pontegadea continues its firm commitment to the real estate market in the United States.

The group owned by Amancio Ortega, founder of Inditex, has bought a luxury residential skyscraper in Seattle, according to the documentation of the Seattle property registry and group sources confirmed.

It will pay 322.7 million dollars (about 304 million euros at current exchange rates) for the Kiara building, a 40-story, 133-meter-tall tower that has 461 apartments and was completed in 2018. It is the first skyscraper in the neighborhood from South Lake Union and one of the few tall buildings outside of downtown Seattle, although it's not too far from it.

According to information from the property registry consulted by EL PAÍS, in addition to the 322.7 million dollars, Pontegadea has had to pay 11.25 million dollars in taxes.

The operation has been closed through the company Pontegadea Kiara, LLC, domiciled in Delaware, but with operational headquarters in Miami, from where Amancio Ortega's wealth group manages its properties in the United States.

The purchase has been registered this Tuesday, December 13, and signed by Patricia Alonso, the head of Pontegadea in the United States.

The tower is near the headquarters of the e-commerce giant Amazon, which paved the way for the businessman's real estate investments in the city.

Pontegadea Inmobiliaria reached an agreement, closed at the beginning of 2019, for the purchase of part of Amazon's headquarters in Seattle (United States) for around 740 million dollars.

That same year, it acquired an office complex in Seattle for $415 million whose tenant is the technology company Facebook.

The United States has become the main focus of Amancio Ortega's real estate investments in recent years.

Last October, the investment company of the founder of Inditex closed the purchase of a rental housing skyscraper at number 19 Dutch Street, in the heart of Manhattan, for 487.5 million dollars.

The Seattle operation marks another step in the residential real estate sector.

Until the purchase of the New York skyscraper, Ortega had always preferred office or commercial buildings.

The Seattle tower has 461 homes of different sizes.

The largest, a 3,000-square-foot penthouse, was put up for rent at a price of about $20,000 a month when it went on the market two years ago.

It has studios and two- and three-bedroom apartments, with prices starting at just over $2,000 for the smallest apartments.

Renting a 200-square-meter three-bedroom apartment on one of the highest floors costs just over $13,000.

Rooftop of the apartment building bought by Amancio Ortega in Seattle, in an image from the developer's website.

One of the jewels of the building is its 41st floor rooftop terrace with barbecues, dining rooms, lounges, outdoor seating and spectacular views over Seattle.

It has a gym, a business center, meeting rooms, a games room, a lobby for residents with a cafeteria, closets and cold rooms for packages, entertainment spaces and a play area for dogs, among other services, according to the website of the promotion girl.

The building has a car park with 374 spaces, charging stations for electric vehicles, almost 200 spaces for bicycles and leisure spaces such as an outdoor porch and a roof terrace.

The zócalo houses 1,400 square meters of commercial premises.

The developer, Holland Partner Group, hired architecture firm Weber Thompson to design a building that would reflect both the neighborhood's industrial origins (as seen in the six-story brick plinth) and the high-tech future (as seen in on the glass exterior of the tower).

Amancio Ortega closed this summer the block purchase of seven logistics centers from leading companies for 905 million dollars.

These are strategically located distribution properties that have long-term rental contracts with leading companies: Amazon, Fedex TJX, Home Depot and Nestlé.

When negotiated as a whole, it has been the largest operation —real estate or in any other sector— carried out by Ortega's patrimonial society.

These logistics investments are in six states: Texas, Pennsylvania, Wisconsin, South Carolina, Virginia and Tennessee.

Source: elparis

All business articles on 2022-12-15

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