Pontegadea buys an office complex rented by Amazon in Canada in exchange for 679 million
Pontegadea, the property firm of the founder of Inditex Amancio Ortegahas agreed to buy The Post building in downtown Vancouver, a two-tower complex leased to Amazon. Ortega’s company paid more than 1.1 billion Canadian dollars (679 million euros at the current exchange rate) for the property, according to a company spokesperson consulted by Bloomberg, after the advance of the specialized media Green Street News.
The deal makes Ortega the new owner of Amazon for the second time in the city, following his recent purchase of an Amazon-leased warehouse in nearby Burnaby. Originally opened in 1958 as a processing center for Canada Post, The Post was redeveloped by QuadReal Property Group into approximately 1.1 million square feet of office and 185,000 square feet of retail space.
The property spans an entire block in downtown Vancouver. Pontegadea has built one of the largest private real estate portfolios in the world, with assets in Europe and North America. It already owns Amazon in Seattle and Dublin, and counts Meta and Apple among its other notable tenants. Although high-end commercial and residential real estate dominates its holdings, Pontegadea has also invested in energy and telecommunications assets.
In Canada, Ortega also owns Toronto’s Royal Bank Plaza and the Burnaby warehouse leased to Amazon. At 89 years old, he is the seventeenth richest person in the world, with a net worth of about $113.8 billion (€98.778 million), according to the Bloomberg billionaires list.
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