Billionaire owner of Zara to buy gold-plated Toronto skyscraper for more than $1B

Spanish billionaire and Zara founder Amancio Ortega has agreed to shop for a landmark Canadian skyscraper for the identical of roughly $1.2 billion, in keeping with his private place of work.

Pontegadea, the circle of relatives office of the main shareholder of style crew Inditex, on Thursday showed the deal to buy Toronto’s Royal Financial Institution Plaza. The deal was first suggested through Bloomberg News in Canada.

Current homeowners Oxford Houses Workforce and Canada Pension Plan Investment Board hired RBC Capital Markets to discover a potential sale remaining September.

A landmark in Toronto’s monetary district, the downtown place of job advanced was inbuilt the past due 1970s and is house to top banks together with its namesake tenant, the Royal Bank of Canada. It may be home to regulation corporations and era firms and covers some 1.5 million square feet across towers.

The construction sits around the side road from the Union Station transit hub and the windows of the construction are clad in 24-karat gold, which supplies the building its unique gleaming appearance.

Oxford Houses didn’t instantly reply to a request for comment.

The deal would be the biggest single business actual property transaction in Canada because the pandemic began. A shift toward running from home has raised questions on the price of iconic locations in major cities should the fashion continue.

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