Spanish firm buys London office for £265m
Spain-based Ponte Gadea Group, the real estate arm of Spanish billionaire Amancio Ortega, has completed the acquisition of a six-story office building in London’s West End in a sale-leaseback transaction. Six St. James’s Square sold for £265 million, or £2,284 per square foot ($412.8 million/$3,559 per square foot). The seller was mining company Rio Tinto.
The 116,000-square-foot office property served as Rio Tinto’s headquarters until 2007. Six St James’s was part of a rebuild redevelopment by Exemplar Properties on behalf of Rio Tinto.
The deal would mark Ponte Gadea’s second trophy office building purchase in London’s West End. The firm paid £410 million ($671.2 million) for Devonshire House in December 2013.
Amancio Ortega is the founder of fashion chain Zara.
In September, Ponte Gadea closed