The world’s third-richest man, Spain’s Amancio Ortega, has bought prime Mayfair office block Devonshire House, W1, for more than £400m.
Estates Gazette understands that Ortega’s real estate arm Ponte Gadea Group has purchased the 175,000 sq ft block from an American-led consortium, which includes the Witkoff Group.
A price of just over £400m is believed to have been agreed, with Ponte Gadea beating a host of international investors to the post, including parties from the Far East and Qatar.
Grafton Advisors acting as development and asset manager on behalf of the American consortium, instructed Eastdil Secured and Strutt & Parker to bring the asset to the market in October. Offers in excess of £375m were expected.
The building was expected to be in high demand following buoyant letting success in 2013.
Earlier this Grafton completed a major refurbishment of the offices and appointed H2S0 and Strutt & Parker to let the space. A flurry of tenants have since been secured, with some rents reaching £120 per sq ft.
Ortega is the co-founder of fashion group Inditex, famed for high street retailer Zara. He was ranked the third-richest person on Forbes’ 2013 annual ranking of billionaires, with an estimated net worth of $57bn.
He has been behind a number of West End property purchases in recent years, largely on Oxford Street.
Jones Lang LaSalle advised the purchaser. No parties were available for comment.
joanna.bourke@estatesgazette.com
