The investment vehicle of Spanish billionaire Amancio Ortega —whose group owns the brands Zara, Pull&Bear, Bershka, Stradivarius and Massimo Dutti — is interested in a 45,100-square-meter Paris office building.
The complex comprises 37,100 square meters of office space, 4,000 square meters of storage space, and 4,000 square meters of service space, according to information revealed by Bloomberg and confirmed by Business Immo.
Deals are made — and then fall through — as in the case of the Compass logistics portfolio totaling 525,000 square meters and worth €500 million, from which Starwood Capital reportedly backed out, as revealed today by Business Immo. “The market isn’t completely at a standstill, however,” a consultant assures us, despite a far from encouraging environment. Proof of this is evident in the exclusive negotiations between Invesco Real Estate and Pontegadea regarding the Capital 8 business center, located at 32 Rue Monceau in Paris’ eighth arrondissement.
Pontegadea has reportedly been granted an exclusivity period, and negotiations are said to be centered around a price tag of €850 million, according to our colleagues.
The sale of this business center was launched last November, as reported by Business Immo on November 19, through an exclusive mandate granted to CBRE EMEA. The process was led by the team that handled the sale of the Paris Trocadéro business center, which Blackstone acquired from Union Investment for over €700 million, according to multiple sources.
Invesco Real Estate was targeting a sale price approaching €1 billion for this site, which underwent an extensive renovation program, according to our information. The U.S. investor, which committed €110 million in capital expenditures, had paid €789 million in 2018 to acquire this complex from Unibail-Rodamco-Westfield.
Appearing on BiTV on February 17, Paul Joubert, managing director and head of Real Estate France at Invesco, stated: “Fabulous work was done while the site remained occupied, and we are very proud of the product delivered this year — a very bright and open building where connections can be made between people who previously would not have had the opportunity to speak to one another.”
He added, speaking on camera: “CBRE was commissioned to assess what the market was willing to offer for this asset, as it has become substantial — even for us — with a valuation of approximately €1 billion. From a sound management perspective, we are therefore considering whether it makes sense to reduce its weighting across our funds.”
If negotiations between Invesco Real Estate and Pontegadea are successful, this would be the largest office real estate transaction in Europe since interest rates rose in 2022.
In recent days, for a comparable amount of €850 million, the Opernturm office tower in Frankfurt, Germany, owned by JP Morgan and the Singaporean fund GIC, could have joined Schwaiger’s portfolio. However, according to the Financial Times, the Munich-based investor was unable to secure the €850 million in financing.
In recent years, Pontegadea has been active in the Paris market: in 2025, the fund acquired the Radisson Collection Banke Opera at 20 Rue La Fayette in Paris' ninth arrondissement for €97 million, as well as 223 Rue Saint-Honoré in the first arrondissement from Hines for just over €170 million. Earlier, it had acquired Grand Opéra for over €200 million.
Amancio Ortega’s investment vehicle also made headlines with the sale of 48 Rue Notre-Dame-des-Victoires in Paris' second arrondissement, a value-added site developed by the Mimco-Foncière Renaissance partnership, for €90 million.