Zara founder buys US warehouse for $109m

MADRID, July 13 (Reuters): Amancio Ortega, the founder of Zara-owner Inditex, has bought a warehouse in Los Angeles for $109 million as part of a continued drive to invest in logistics real estate in the US, his investment firm Pontegadea said on Wednesday.

Ortega, Inditex's main shareholder, bought the 340,120 square-feet (31,600 square metres) building in the Inland Empire valley outside of Los Angeles from LBA Realty, his family office Pontegadea said. The property is currently being used as a Walmart distribution centre. The building is located near industrial centres operated by users such Amazon, Fedex and Mattress Firm.

Pontegadea, which is not connected to Inditex, has invested over 1 billion dollars since last year on logistics centres in the U.S. and on residential buildings, as a way to diversify from office buildings and commercial property acquisitions.

The transaction, first reported by local real estate website, The Registry, and later confirmed by a Pontegadea spokesperson, follows the recent acquisition of a warehouse in the Netherlands for 105 million euros ($116.15 million).

In April, Ortega's family office acquired a central London building that formerly served as the offices of the British Broadcasting Corporation (BBC).