Zara Founder Purchases Toronto’s RBC Plaza
1 min read
One of the country's most high-profile office buildings has sold at an astonishing $1.2 billion. Amancio Ortega, the founder of the Zara clothing chain, has agreed to purchase Toronto's Royal Bank Plaza in the heart of the financial district.
The transaction was the largest to date since the onset of the global pandemic, leaving many to regain hopes of the value of office properties. The building was listed by Oxford Properties, the real estate arm of Ontario's pension fund, and the Canada Pension Plan Investment Board. RBC Plaza will remain as the headquarters of Royal Bank of Canada, the country's largest bank by market value.
The purchase suggests that commercial real estate remains a valuable asset for investors and organizations alike.
Learn more about the acquisition.
Reference
Duarte, A. A. and E. (2022, January 13). Zara's owner to buy Toronto's Royal Bank Plaza for $1.2B. BNN. Retrieved January 18, 2022, from https://www-bnnbloomberg-ca.cdn.ampproject.org/c/s/www.bnnbloomberg.ca/zara-s-owner-to-buy-toronto-s-royal-bank-plaza-for-1-2b-1.1707136.amp.html
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