Europe’s richest man buys $550m Madrid skyscraper

Amancio Ortega, Europe’s richest man and founder of global fashion group and Zara owner Inditex, has bought one of Madrid’s most famous skyscrapers for €490m($551m) through his property investment arm, a source said. The purchase marks another step in the famously-reclusive billionaire' s strategy to build a property empire through Pontegadea Inmobiliaria, one of the biggest property companies in Spain, and his holding company Pontegadea Inversiones.