Zara’s Ortega Buys €250 Million Blackstone Building in Barcelona

Spanish billionaire Amancio Ortega has acquired a building on Barcelona’s iconic Diagonal avenue for about €250 million ($284 million) from Blackstone Inc.

Pontegadea Inversiones, the family office for the owner of apparel chain Zara, agreed to buy the 27,000 square-meter (290,000 square-feet) building housing the headquarters of Spanish book publisher Planeta, a spokesperson told Bloomberg News, confirming an earlier report by El Economista.

This is Ortega’s first major real estate deal in Spain in several years, following a buying spree in other countries. His family office has used the bulk of dividends from Inditex SA, which owns several ...