Spanish fashion retail giant Zara’s founder, Amancio Ortega, has struck a €100m deal for a luxury apartment block in Dublin’s docklands. This latest acquisition adds to Ortega’s impressive property portfolio, which includes buildings in Paris, Madrid, London, and New York. The move comes as Dublin’s property market booms, with demand for high-end apartments skyrocketing. But who is Amancio Ortega, and how has he become one of the most successful and wealthy businessmen in the world? In this article, we’ll take a closer look at his background and career, and examine what this latest investment means for Dublin’s property market.
Pontegadea, the family firm of Zara founder Amancio Ortega, has acquired a portfolio of 120 luxury rental apartments in Dublin’s south docklands for just over €100 million. The purchase of the Opus building at Six Hanover Quay by the Spanish billionaire’s firm is equivalent to an average of €841,666 per unit, which is in line with the amount the scheme’s outgoing owners, Angelo Gordon and Carysfort Capital, paid for it in 2019. Developed by Cairn Homes, the 120 apartments consist of one-bedroom, two-bedroom, and three-bedroom units and come with concierge services, a restaurant, coffee shop, rooftop terraces, an on-site gym, and car and dry-cleaning services. The sale was managed by Eastdil Secured.
In conclusion, the €100m deal for a Dublin docklands apartment block by the founder of Zara, Amancio Ortega, is yet another testament to the businessman’s shrewdness and entrepreneurial skills. Despite starting out as a humble delivery boy, Ortega’s hard work and determination have propelled him to the helm of one of the world’s most successful fashion brands. This latest acquisition further cements his influence and wealth in the global real estate market, as well as his commitment to investing in Ireland. As we await the final outcome of this deal, it is safe to say that Ortega’s impressive legacy will continue to inspire aspiring entrepreneurs around the world.
