Spain’s richest and world’s fourth wealthiest Amancio Ortega has purchased the headquarters of multinational mining and metal group Rio Tinto located in the heart of London, reports Property Week. The founder of Inditex is said to have paid around £265 million, or €335 million.
‘Looking ahead to 2015 we expect that total returns will remain in double figures, but that rental growth will make a larger contribution. The recovery in the economy combined with low levels of development means that the balance between demand and supply is now swinging in favour of landlords and we anticipate that rental growth will accelerate,’ explained Owen.
The arrival of Crossrail in 2018 is spurring London’s property developers into action, boosting the supply of new residential and commercial developments, according to new research by property consultants GVA.
U.K. commercial real estate values rose for the 10th straight month in February as tenants paid more to rent offices and warehouses, Investment Property Databank Ltd. said.
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