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Zara Founder Presents Offer for Apple Building in Valencia

Xavi Calvo

Amancio Ortega, the third richest man in the world, is interested in Apple’s building in Valencia

Zara Founder Presents Offer for Apple Building in Valencia
Zara Founder Presents Offer for Apple Building in Valencia

Amancio Ortega thinks that having Apple as a tenant in his properties is a good idea, since after buying the building occupied by the Apple Store on Paseo de Gracia in Barcelona , the third richest man in the world is now thinking of doing the same in the city of Valencia.

The building that Apple occupies in Valencia is located between Colón and Lauria streets, in one of the most important commercial areas of the city . Despite the fact that it is a somewhat problematic building to house a commercial operation (it only has 600 useful square metres), it is one of the jewels of the Valencian real estate market and the founder of Zara is willing to buy it.

The building currently belongs to a fund with more than 20 owners and they have a contract with Apple for just over one million euros of annual rent that was signed in 2008 . This contract has been revised since then in accordance with the CPI and they consider that the buyer of the property would obtain a return of around 5.5%.

In 2012 he bought the building that Apple occupies on Paseo de Gracia in Barcelona

Pontegadea Inversiones is the company with which Amancio Ortega invests in brick. In December 2011 he bought the Picasso Tower in Madrid for 400 million euros , at the end of 2012 he bought the building occupied by the Apple Store on Paseo de Gracia in Barcelona for 80 million euros and more recently, just a few months ago, he bought an office and commercial building in the heart of Manhattan for 69 million euros.

Now it seems that Amancio has set his eye on the building occupied by the Apple Store in Valencia and we don’t think he’s going to back out of the bid to take over the building and neither do we think he’s going to have too many competitors to make this investment.

At the moment all details of the operation are unknown . Pontegadea usually operates with great discretion and its offers are not public until the purchase process is completed.

Will Amancio Ortega achieve his goal? Will he become the owner of another Apple-occupied building? Of course, there is no denying that it seems very interesting to have Apple as a tenant of a building.

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