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Ex-Zara chairman invests 220 Million in London

Mon 23rd May 2011

Amancio Ortega, the Spanish founder of Inditex - the owner of Zara - has invested a reported 220 Million pounds sterling on a 1 acre site on London's Oxford street.

The exchange is expected to be completed later this week.

The portfolio is made up of two seperate addresses and are expected to be let to retailers including Zara, Next and River Island. The office space above will continue to be let to Christie's auctioneers, Hays recruitments amongst others.

Ortega stepped down as chairman of Inditex in January this year, but is still rumoured to receive the majority of his income from the group, who owns Zara, Massimo Dutti, Stradivarius and others, and has over 5'000 stores in 77 countries.

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