Amancio Ortega buys a Fedex warehouse in Wisconsin for 35 million dollars

Amancio Ortega continues to invest in the United States, the country that has attracted most of his latest real estate investments.

This time, however, the founder and main shareholder of Inditex has not bought an office building, as usual, but a Fedex logistics platform, as reported to the Wisconsin Department of Revenue and appears in the public registry, consulted by EL PAÍS .

The operation has been carried out by Ponte Gadea Compass, domiciled in Miami (Florida) and has involved the disbursement of 35 million dollars (about 34 million euros).

The seller is Vereit/OW Menomonee Falls WI, a subsidiary of Vereit, a Phoenix, Arizona real estate company, which was acquired by Realty Income Group, a retail giant based in San Diego.

It is home to numerous Walgreens, 7-Eleven, Dollar General, CVS, Sainsbury's, and Fedex stores, among many others.

The acquired warehouse is located in Menomonee Falls, a town on the outskirts of Milwaukee, the largest city in the State of Wisconsin.

According to data from official records, the warehouse and the acquired land cover an area of ​​30.5 acres (about 12 hectares).

The operation was closed on July 28 and has been registered by the Wisconsin Department of Revenue on August 5.

The purchase was disclosed by the Milwaukee

Fedex logistics warehouse purchased by Amancio Ortega in Menomonee Falls (Wisconsin), in an image taken from Google Maps.

Fedex is a transport and logistics giant that invoiced some 84,000 million dollars last year, with a profit of 5,231 million.

It has a market value of around 60,400 million euros.

The warehouse that Ortega has bought is the main platform that operates in the Milwaukee area.

The rent he pays for the ship, which will continue to operate with the new landlord, is unknown.

Pontegadea has subsidiaries with which it manages properties in nine countries (Spain, USA, United Kingdom, France, Canada, Italy, Portugal, South Korea and Mexico).

These are offices, hotels, commercial premises or other types of buildings — the purchase of a luxury housing skyscraper in New York has recently been announced — and Ortega obtains a return on them by exploiting them for lease.

This business had a turnover of 647 million in 2021, 34 million more than a year before.

The Pontegadea real estate portfolio was valued at the end of 2022 at 15,264 million euros, which represents an increase of 8.4% compared to the 14,075 million in 2020 and exceeds the valuations prior to the pandemic.

That value has increased with the purchases made this year.

In addition to the New York skyscraper, in April it acquired a 30,000-square-meter office building in the Scottish city of Glasgow.

The Scottish media characterized it as the largest office real estate operation in the history of the country for the 237 million euros in which it was encrypted.

Pontegadea invests mainly in office buildings.

It also has some outstanding commercial premises, with tenants such as Apple, Primark or H&M.

And the recent purchase of New York is the most prominent housing.

Although Inditex is very strong in logistics with its own network of warehouses, this is the first known real estate investment in the logistics sector in Pontegadea, which represents a step in its diversification.

Along with real estate, Ortega has been diversifying his assets with investments in the energy and telecommunications sectors, in those cases as a minority shareholder, but prominent.

He is a shareholder of Enagás, Red Eléctrica, REN (the Portuguese electricity network), renewable energy projects and Telxius, a subsidiary of Telefónica.