Amancio Ortega, the billionaire founder of the Zara clothing chain, pulled out of a 550 million euro ($588 million) deal to buy the Dublin office development that forms part of Meta Platforms Inc.’s European headquarters, the Sunday Times reported.
(Bloomberg) — Amancio Ortega, the billionaire founder of the Zara clothing chain, pulled out of a 550 million euro ($588 million) deal to buy the Dublin office development that forms part of Meta Platforms Inc.’s European headquarters, the Sunday Times reported.
Meta signed a 25-year lease on the Fibonacci Square complex in 2018 and agreed to pay an annual rent of 22.5 million euros, according to the report, citing sources it didn’t identify. A decision by the tech company last year to only occupy space at the rear of the site and seek a sub-let on the rest altered the valuation of the project, one person said.
That in part led to the derailment of the deal between Ortega’s family office Pontegadea Inversiones and Fortress Investment Group, the US private equity firm that owns the site, the newspaper said.
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