One of the world’s richest men, Amancio Ortega, is preparing to sell what was his first property acquisition in the UK.
JLL has been instructed to sell Abacus House at 33 Gutter Lane, EC2. Sources suggest the 65,300 sq ft property could fetch £40m – an 8% yield.
Ortega’s private real estate investment firm, Ponte Gadea, bought it for circa £45m in 2005. The property offers investors short-term income and is seen as a refurbishment opportunity. Schroder Investment Management’s lease expires in 2015.
One source said: “It is likely to attract interest from firms that will take refurbishment risk. There is an opportunity to extend the net area and relet it in a rising rental market.”
The Spaniard, co-founder of fashion group Inditex, which owns high street retailer Zara, was ranked the third-richest person on Forbes’ 2013 annual ranking of billionaires, with an estimated net worth of $57bn.
He has been increasingly acquisitive in the West End and recently bought prime Mayfair office block Devonshire House, W1, for more than £400m, as well as a number of properties on Oxford Street, W1. His portfolio includes 199-219, 328-332 and 333 Oxford Street, the latter being Zara’s flagship store.
annabel.dixon@estatesgazette.com
