The founder and largest shareholder of Inditex, Amancio Ortega, has reached an agreement to buy the Royal Bank Plaza skyscraper in Toronto from two Canadian pension funds for around 961 million US dollars (843 million euros).
The sale of the iconic gold-clad tower in the heart of Canada’s financial capital is among the largest transactions for an office building globally since the start of the covid-19 pandemic. The sale has been carried out by Oxford Properties, the real estate arm of Ontario’s pension fund for municipal workers, and the investment board of the Pension Plan of Canada.
A representative from Ortega’s family office confirmed the transaction to the Bloomberg agency. The funds put the property up for sale last year and were seeking to raise at least C $ 1 billion for it, a goal they have reached seen the final price – about C $ 1.2 billion – according to a person familiar with the matter. She spoke in exchange for not being identified.
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