Inditex founder Amancio Ortega will buy warehouses in the United States for $905 million

MadridThe Spanish billionaire and founder of Zara Amancio Ortega is in talks to buy several warehouses in the United States leased by global companies including Amazon and FedEx for $905 million, the Ortega family office in Pontegadia said on Tuesday.

The company added that the deal follows purchases in recent months of two other distribution centers in Wisconsin and Pennsylvania for $35 million and $148 million, respectively.

Spanish newspaper El País, which reported on the operation early on Tuesday, said the assets are strategically located and leased under long-term contracts to leading companies such as Amazon, FedEx and TJXHome Depot and Nestlé.

Pontegadea, which has invested most of its assets in real estate assets such as skyscrapers and office buildings around the world, said it is now looking for highly profitable assets with medium and long-term leases and strong tenants, and these warehouses tick all the boxes.

Warehousing service providers have become an important part of global supply chains with the advent of e-commerce, while the demand for commercial real estate has declined.

Earlier this year, investment firm Ortega acquired a 64-story skyscraper in New York’s financial district and the iconic Royal Bank Plaza in Toronto.

Ortega is the major shareholder and founder of the fashion retail giant Inditex, and one of the world’s 30 richest businessmen. It has also recently invested in energy infrastructure in Spain.