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Zara owner to buy London landmark

Spanish billionaire and founder of Inditex Amancio Ortega is set to buy the Adelphi building in central London for around £600m, weeks after losing out on another prominent building in the capital.

The Times has reported that Ortega is the preferred bidder for the 300,000 sq ft office building in Covent Garden.

The building is currently owned by Blackstone, America’s largest private equity firm, which bought it in 2016 for £260m.

Blackstone put the Adelphi up for sale in April after completing full occupancy of the property in July 2017, when Japanese cosmetics company Shiseido Group took the remaining space. Music-streaming service Spotify, publisher Condé Nast, financial magazine The Economist and public relations company Finsbury are also tenants.

The Inditex fashion company includes retailers Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterqüe.

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