Spanish retail billionaire and Zara owner Amancio Ortega is negotiating the purchase of a flagship office building in Edinburgh.
Pontegadea, the property investment firm owned by Ortega, has entered into negotiations with leading global real estate investment manager Hines to acquire the Mint Building for an estimated price of £45 million, according to reports in Spain.
Located in Edinburgh city centre in the south-east corner of St Andrew Square, next to the St James Quarter, the Mint Building is considered a ‘trophy asset’ of the capital’s commercial property sector.
It is home to tenants such as FNZ, Nationwide Building Society, Franco Manca and Tattu.
Lismore Real Estate Advisors, which is selling the property on behalf of Hines, described it as a “beacon of modernity and sophistication in one of the UK’s most dynamic cities”.
READ MORE: Edinburgh 'trophy asset' put on market for £41m
Spanning 70,467 square feet across nine floors, including 59,427 sq ft of Grade A office space and 11,040 sq ft of restaurant/ retail accommodation, it features a statement double-height reception, roof terraces, secure parking, and cycle storage.
Lismore added: “The Mint Building represents a unique opportunity to invest in a landmark property that stands at the forefront of the city’s thriving office and leisure market, offering an unrivalled blend of location, design, tenant quality and immediate investment performance.”
According to Forbes’ Real-Time Billionaires list, Amancio Ortega is currently ranked the 12th richest person in the world with a net worth of $110billion.
The entrepreneur founded clothing conglomerate Inditex SA, best known for its Zara brand, in his living room. The group, which also owns fashion brands including Pull&Bear and Bershka, has nearly 5,700 stores around the world.
In March Inditex SA reported a 10.4% jump in sales to 35.9 billion euros (£30.7 billion) in 2023, compared with 32.6 billion euros (£27.9 billion) the previous year.
In 2022, Ortega paid over £200m for one of the largest single-office buildings in Scotland.
The 13-storey building, located on Bothwell Street in Glasgow, hosts BNP Paribas and Aecom’s offices. It was purchased from Scottish property management company HFD Group.
Back in September, The Herald revealed how a dispute involving Ortega has delayed plans to restore and reopen a Glasgow restaurant institution that has been closed for over three years.
The Rogano was acquired by Edinburgh real estate investors Ediston (Res) Ltd before the pandemic but suffered catastrophic flood damage after it was closed during the first lockdown in March 2020.
A major flood from offices above the restaurant caused complete collapse of ceilings and structures in the historic building, which opened as a restaurant in 1935. There were two further floods causing more damage.
It was in 1935 that the Rogano was taken over by the Grant family, becoming the iconic Art Deco institution that it would be loved and recognised for.
The interiors were inspired by the Queen Mary, which had been launched the previous year.
Jude Law, Mick Jagger, David Bowie, Elizabeth Taylor and Harvey Keitel are just some of the celebrity guests who have dined there and the comfy booths served as the backdrop for an episode of Patrick Melrose, starring Benedict Cumberbatch.
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