Zara boss withdraws from 550 million euros acquisition of Meta European headquarters campus

CTOnews.com, February 19 (Xinhua) according to the Sunday Times on the 19th, billionaire Amancio Ortega, founder of the Zara brand, has abandoned his 550 million euro (currently about 4.031 billion yuan) deal to buy Fibonacci Square (Fibonacci Square). Fibonacci Square is located in Bolsbridge, the European headquarters of Facebook parent company Meta in Dublin.

The Sunday Times reported last year that Ortega's family investment company Pontegadea Inversiones had run into trouble in negotiations with Fortress Investment Group, the US private equity firm that owns the landmark, amid rising borrowing costs and increased turmoil in the technology industry.

CTOnews.com learned that Meta, the owner of Facebook, signed a 25-year lease on the landmark property in November 2018 and agreed to pay an annual rent of 22.5 million euros. But last year, after the tech giant cut a lot of jobs, it decided to occupy only the back of the park and sublet the rest, changing the valuation of the project.