Europe’s richest man, the owner of clothing chain Zara, has bought the firm’s London flagship store, 333 Oxford Street, W1, for circa £150m – a yield of around 4%.
Spanish billionaire Amancio Ortega is understood to have purchased 72,549 sq ft Lumina House from German fund Deka Immobilien in an off-market deal. Zara also has an office frontage at 89 New Bond Street.
A number of investors had quietly been approached by CBRE and Savills to buy the property, but a deal has been worked up over the last fortnight for the owner-occupier buy.
The sale follows a busy period of buying and selling for Deka. It purchased 1 Southampton Row, WC1, for £110m in April, and last week put 60 Sloane Avenue, SW3, up for sale with a £115m asking price.
All parties declined to comment.
joanna.bourke@estatesgazette.com
