Amazon.Com, Inc.'s AMZN key logistics center in Dublin, Ireland, has been reportedly acquired by Spanish billionaire and Zara founder Amancio Ortega for €225 million ($244.98 million).
Ortega's investment firm Pontegadea marks its first foray into Ireland's logistics real estate sector with the Amazon center purchase, following its acquisition of a luxury 120-apartment residential building in Dublin for about €100 million in March, according to a news report by Reuters.
In 2019, Pontegadea Inmobiliaria, the real estate branch of Ortega's firm, secured two Seattle office blocks leased to Amazon, marking its largest U.S. transaction then, the report read.
Recently, as reported by The Irish Times, Pontegadea acquired a 1.2 million square foot (111,484 square meters) industrial and logistics property in Dublin's Baldonnell Business Park from Mountpark, Reuters added.
Approximately 630,000 square feet of the newly acquired site in Dublin's Baldonnell Business Park are occupied by Amazon.
The Ortega family investment vehicle, having garnered €2.2 billion in Inditex dividends this year, is diversifying its portfolio by investing in logistics centers, luxury buildings, and renewable energy projects, reflecting a strategic shift towards a variety of real estate assets, the Reuters report read.
Read Next: Snap and Pinterest Stocks Rise On Analyst Upgrade - Jefferies Lays Out Bull Case
Price Action: AMZN shares are trading lower by 0.28% to $145.68 premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
