Zara founder Amancio Ortega's investment firm Pontegadea acquired five logistics centers for $722 million

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Zara founder acquires logistics assets for $722M

, author of Xurxo Lobato/Cover/Getty ImagesExit Content Preview Pontegadea, the family investment firm of Zara founder Amancio Ortega, acquired in the U.S. from Realty Income for about $722 million, according to reports Spanish newspaper El País. Why it's the BFD: Due to increasing y levels, an additional 800 million square feet will be needed, according to U.S. logistics provider Prologis, .The deal comes on the heels of the family office's logistic assets from Realty Income, announced last week. Details: The centers are located in Tennessee, South Carolina, Virginia, Pennsylvania and Texas, and have long-term lease agreements with the likes of Nestlé, Amazon and FedEx. State of play: Transportation and logistics deal activity increased 6% in the 12-month period ended May 15 , according to consulting and accounting services group PwC.The Amazon-led push toward e-commerce has caused the U.S. logistics market to balloon in recent years. Pandemic-induced online shopping behaviors further augmented the market.Private equity players like KKR and Blackstone have made their own bets, buying up warehouses and industrial properties. Of note: With supply chain services in high demand, Prologis saw its stock soar late last year to more than $170 per share. The company also announced a $26 billion with Duke Realty in June. What we're watching: The move marks Pontegadea’s entry into a new arena of real estate, but it's not Ortega's first rodeo. The exec should have a deep understanding of logistics, given fast fashion retailer to take a concept from drawing board to store rack in a matter of weeks.

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