Zara Founder Bets on Logistics With New Investment
The billionaire founder of the Zara apparel chain, Amancio Ortega, has acquired a logistics center in Pennsylvania for $148 million as he expands into new types of investments.
Pontegadea (Ortega's family office) recently bought a one million square foot centre in Philadelphia from Realty Income. The centre has been leased to U.S. retailer and logistics firm TJX Cos. Inc. for nearly two decades.
This is the second logistics acquisition by the family office, following the smaller purchase of a warehouse in Wisconsin earlier this year.
It’s also an indication that Pontegadea is diversifying its portfolio, which consists mostly of commercial real estate but is increasingly focused on renewable energy, as well as power and gas transportation networks.
The majority of Ortega’s wealth comes from his 59% stake in Inditex SA, the owner of Zara and other brands. He is currently worth $44 billion, making him Spain’s wealthiest person, according to the Bloomberg Billionaires Index.
Pontegadea exists mainly to channel the dividends Ortega receives from Inditex, which he founded in 1963. Inditex’s stock has fallen 26% this year, as equity investors have turned away from retail stocks.
Nucleus views this as just another indicator of the increased investment appetite in the supply chain sector, and more specifically, in the Supply Chain as a Service(SCaaS) sector.