Amancio Ortega, Europe’s richest man and founder of global fashion group and Zara owner Inditex, has bought one of Madrid’s most famous skyscrapers for 490 million euros through his property investment arm.

The purchase marks another step in the famously-reclusive billionaire’s strategy to build a property empire through Pontegadea Inmobiliaria, one of the biggest property companies in Spain, and his holding company Pontegadea Inversiones.

Pontegadea Inmobiliaria bought the tower from Abu Dhabi tycoon Khadem al-Qubaisi, whose fund had exercised a last-minute purchase option from Spanish lender Bankia, its previous owner.

Pontegadea declined to officially comment on the reported purchase of the tower – known as “Cepsa Tower” after the oil refiner Cepsa that leases it – which along with three others dominates the skyline of Madrid´s northern district.

Ortega has bought properties in London’s Mayfair and Oxford Street, along with other properties in prime locations in New York, Madrid and Seoul. He rents out much of the space to Inditex stores like Zara, but also to rivals such as H&M.

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