Pontegadea acquires Barcelona office building for €250m

Spanish businessman Amancio Ortega, through his investment firm Pontegadea, has purchased Grupo Planeta's Barcelona headquarters from Blackstone for an estimated €250 mln.

D Garden 662

This marks Ortega's biggest Spanish real estate investment since acquiring Torre Cepsa in 2016 for €490 mln. He recently acquired several hotels in Spain, including two in Palma de Mallorca in 2023 for €35 mln.
Ortega, one of the world's richest individuals, continues to invest heavily in real estate globally, with recent activity also including sales in Seoul and Paris, and acquisitions in Luxembourg and Edinburgh.
Blackstone previously bought the building, D Garden 662, located on Avenida Diagonal, in 2018 for €210 mln. It later invested €10 mln to carry out improvements to the asset.
Current tenants of the 27,000 m² property include Grupo Planeta, Blackstone's hotel company HIP, Antena 3, and Banca Mediolanum.
Ortega heads the Inditex group, which owns fashion companies such as Zara and Massimo Dutti.
The property is considered a trophy asset due to its high value, prime location at a major intersection in Barcelona, and iconic status as one of the city's most recognizable buildings and Europe's first vertical garden. Originally built in 1978 for Banca Catalana, the nine-story building, designed by architects Josep Maria Fargas and Enric Tous, also includes 350 parking spaces.