(Bloomberg) — Amancio Ortega, the billionaire behind the Zara clothing chain, has agreed to buy Toronto’s Royal Bank Plaza skyscraper from two Canadian pension funds for about C$1.2 billion ($961 million).
The sale of the iconic, gold-clad tower in the heart of Canada’s financial capital is among the biggest transactions for an office building globally since the start of the Covid-19 pandemic. It’s being sold by Oxford Properties, the real estate arm of Ontario’s pension fund for municipal workers, and Canada Pension Plan Investment Board.
A representative for Ortega’s family office confirmed the transaction to Bloomberg News. The funds put the property up for sale last year and had been seeking at least C$1 billion, according to a person familiar with the matter who spoke on condition they not be identified because the matter is private.
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