Zara founder Amancio Ortega, along with other ultra-wealthy individuals and their investment firms, is tightening control over the US$1 trillion commercial real estate market as institutional investors lag behind. The Spanish billionaire, Spain's richest man, expanded his global portfolio last year by acquiring at least 10 properties across North America and Europe for more than US$1.5 billion, according to data compiled by Bloomberg.
Private Capital Surge
Ortega's wealthy counterparts are similarly focusing on the asset class, fueling a record US$464 billion of private capital deployed into offices, logistics sites, and rental housing in 2025, broker Knight Frank said in its 2026 wealth report. In contrast, institutional firms allocated US$347 billion during the same period, marking the fourth consecutive year that wealthy individuals, family offices, and closely held companies have invested more in the sector.
"What has changed over the past decade is the level of sophistication among private investors," Nick Braybrook, Knight Frank's global head of capital markets, said in a statement. "Institutional buyers are returning to real estate, but private capital continues to set the pace."
Ortega's Key Acquisitions
A representative for Ortega's family office, Pontegadea, declined to comment on its purchases, which include a two-tower complex in downtown Vancouver leased to Amazon.com Inc., acquired in November for about US$780 million. Ortega, 90, has a net worth of US$131 billion through his majority stake in Zara owner Inditex SA, according to the Bloomberg Billionaires Index. His most expensive property purchase remains the Royal Bank Plaza in downtown Toronto, bought in 2022 for US$916 million.
Advantageous Deals for the Ultra-Rich
The figures reflect how the world's super-rich have capitalized on many institutional firms stepping back from real estate amid higher borrowing costs since 2022—the year private capital became the most active annual buyers of commercial real estate for the first time, per Knight Frank. This has allowed tycoons like US billionaire Larry Ellison to snap up trophy assets at favorable prices, often moving more nimbly and with longer investment horizons than institutional firms. Around early 2025, the Oracle Corp. founder acquired an office block in London's upscale St. James's district for £162 million (US$219 million), below the original asking price. Restaurant franchise magnate Greg Flynn also participated in a deal with similarly favorable terms for a pair of San Francisco towers after the area suffered from pandemic-related vacancies.
Market Trends and AI Impact
Total investment into commercial real estate rose 12% during 2025 compared with the previous year, with industrial, office, and rental housing markets receiving the highest capital sums, Knight Frank said. Meanwhile, the artificial intelligence boom led to a 36% annual surge in allocations to data centers, helping create a new class of real estate billionaires. Bricks and mortar has long been a popular asset for the world's rich, offering stable cash flows, inflation protection, and opportunities for personal passions. It makes up about 11% of a typical ultra-wealthy portfolio, the largest allocation outside public markets besides private equity, according to UBS Group AG research.
